Packaged Goods Stocks Stay Bound Down

These packaged good stocks can't get out of their own way. It is truly ugly.

Here's Unilever (UL - commentary - Cramer's Take) blinking on detergent, selling venerable Wisk along with some other names. That means Tide could have a real ramp. But no one cares and PG's (PG - commentary - Cramer's Take) going down. Pepsi (PEP - commentary - Cramer's Take), Dr Pepper (DPS - commentary - Cramer's Take) and Coke (KO - commentary - Cramer's Take)? Nobody is willing to touch these stocks even though PEP just reassured on earnings. That rally didn't take long to repeal.

Or the endless back and forth on Philip Morris International (PM - commentary - Cramer's Take), which has very little commodity exposure but fits into that terrible cohort. Clorox and Kimberly (KMB - commentary - Cramer's Take) hitting lows! Holy moly this KMB's become a terrible stock. And Clorox, with very little overseas exposure, tells you that this decline is about energy, not the resurgent dollar (which I think is in its late innings.)

I can't believe the degradation there. Sure it has oil exposure and sure the estimates might be too high but I think when this 3.7%% yielder gets to 4% I believe it will become irresistible.This isn't 4.5% yielder Newell-Rubbermaid (NWL - commentary - Cramer's Take), which is just an awful company and an awful stock. KMB's a total bluechip that will, one day, be able to put the commodity prices in perspective.

It is incredible to me about how bullish people are today to think that these recession resistant stocks need to be sold and the Lehmans (LEH - commentary - Cramer's Take) of the world to need to be bought. It feels like people are selling Clorox for Washington Mutual (WM - commentary - Cramer's Take)!

I am skeptical. These stocks will, at a certain point, turn into values. Just not yet. The multiples are too stretched. But they are getting there.

At the time of publication, Cramer was long PM.

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