Jim Cramer on How to Navigate Wednesday’s Tough Tape: 7 Stocks in Focus

3. The Campbell’s Company (NASDAQ:CPB)

The Campbell’s Company (NASDAQ:CPB) is one of Jim Cramer’s latest stock calls as he shared how to navigate Wednesday’s tough tape. Cramer was bearish on the stock, as he commented:

No one likes Campbell’s, which now yields 7.4%. So there seems to be no good houses in that neighborhood.

The Campbell’s Company (NASDAQ:CPB) produces and sells soups, broths, sauces, juices, frozen meals, and beverages. In addition, it offers a wide range of snacks through brands such as Pepperidge Farm, Goldfish, Snyder’s of Hanover, Cape Cod, and Kettle Brand. Cramer commented on the company’s latest quarter during the March 12 episode, as he said:

The food group is in so much trouble that they may need to do something radical to turn things around. Yesterday, Campbell’s reported one of the worst quarters I’ve seen in ages. It was awful across the board. Revenues fell 5%. Organic sales dropped 3%. The snack business, chips and pretzels, unbelievably bad. Even the bright spots like the recent acquisition of Rao’s pasta sauce got canceled out by Prego. Stock hit a 17-year low as people started wondering if Campbell’s would be able to cover their dividend. Yet management was defiant in their conviction that things are going well, which made it agonizing to listen to the conference call.