Why Jim Cramer Says Buy Pinnacle Foods (PF) But Avoid AstraZeneca (AZN) Stock

NEW YORK (TheStreet) -- TheStreet's Jim Cramer says there was an undercurrent when Hillshire Brands  (HSH) bought Pinnacle Foods  (PF) that another entity was about to swoop in and acquire Hillshire. It appears that may have in fact been the case, as Pilgrim's Pride  (PPC) came out of nowhere with an extremely high bid for Hillshire.

The question now is what do to with Pinnacle, and Cramer believes the stock was doing quite well and is now down approximately 10% in the wake of the news. He says this creates an opportunity to pick up Pinnacle, which looks "jilted."

Cramer does not feel the same way, though, about AstraZeneca  (AZN), which Pfizer  (PFE) jilted by refusing to raise its takeover bid any higher after the British pharmaceutical company fought it tooth and nail. Cramer does not like AstraZeneca's pipeline or prospects and urges investors to stay away.

Must Read: Jim Cramer Says Buy Pinnacle Foods, Stay Away from AstraZeneca

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

PF Chart

PF data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.


WATCH: More videos from Jim Cramer on TheStreet TV

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

More from Markets

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022

Billionaire Investor Tim Draper Explains Why Bitcoin Will Hit $250,000 in 2022

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

To Think a Trade War's Still Just a Threat Is the Dumbest Thing on Wall Street

M&A Trends Still on Investors' Minds Despite Worries Over Tariffs -- ICYMI

M&A Trends Still on Investors' Minds Despite Worries Over Tariffs -- ICYMI

Dow Falls as U.S. Imposes Tariffs on $50 Billion of Chinese Goods

Dow Falls as U.S. Imposes Tariffs on $50 Billion of Chinese Goods

General Motors Spikes on Report It's Considering Listing Shares of Cruise Unit

General Motors Spikes on Report It's Considering Listing Shares of Cruise Unit