Kellogg saw a 1.3% decline in sales in its most recent quarter, said Cramer, and the company cut guidance and its share repurchase program thanks to a decline in market share. Meanwhile, ConAgra saw its volumes decline, but revenue increase thanks to higher prices and falling prices. The company offered upbeat guidance and is moving into more lucrative private label arrangements.
No Huddle Offense
In his "No Huddle Offense" segment, Cramer again opined on the falling price of oil and the obliteration of the oil and gas stocks along with it. He said the oil service group is to totally in the control of big money managers, all of whom are betting on weak demand from Europe and China.
But in their haste to throw out the entire sector, Cramer said the managers have neglected to take note of the dramatic increase in U.S. oil and gas production, as well as the inedibly low prices of the stocks they've been shorting so heavily.
Cramer said that after this quarter is over, he would consider buying into some of these beaten-down names.--Written by Scott Rutt in Washington, D.C. To contact the writer of this article, click here: Scott Rutt. To follow the writer on Twitter, go to http://twitter.com/scottrutt. To submit a news tip, send an email to: firstname.lastname@example.org. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.