Man,

Coke

(KO) - Get Report

has maxed out. It has happened. This

news last night was just plain terrible. And I am wondering if Coke, as an investment concept, is over.

To write off Coke requires a tremendous amount of hubris -- I know, one of my strong points. But bear with me for this.

When you get numbers as horrible as Coke reported last night, you have to believe that Coke can't put through a price increase anywhere in the world. You have to believe that, if anything, Coke needs to put through price decreases to get sales jumping.

Remember

Philip Morris

(MO) - Get Report

Friday, when the company finally admitted that pricing was too high? I know that was a disaster for MO, but there was also a recognition that the market wasn't going to grow on its own.

That's where Coke is. Maybe Coke at 63 or whatever is saying that we won't pay $2 for a can of Coke in the future. Too many rival drinks. Too many other things that are better for you. Too much competition.

Coke has to cut prices radically to get things moving again. That's the company's worst nightmare.

And it's happening. Now.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in the stocks mentioned, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at letters@thestreet.com.