NEW YORK (TheStreet) -- Shares of ConAgra Foods (CAG - Get Report) are lower by 1.6%, despite beating on earnings-per-share and revenue expectations.

"Maybe the worst is over" for ConAgra, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

Although the company topped revenue estimates, sales still fell 1.8% year over year because ConAgra doesn't have the products that consumers ultimately want. 

Processed pantry food is out, while healthy, natural and organic foods are in, Cramer said. 

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He then turned his attention to Union Pacific (UNP - Get Report), which Cowen Research downgraded to market perform from outperform. The analysts lowered their price target to $122 from $138. 

Also, analysts at Raymond James lowered their estimates on Norfolk Southern (NSC - Get Report), cutting the stock to market perform from outperform, while Kansas City Southern (KSU - Get Report) lowered its full-year guidance earlier this week.

Railroad stocks have been leaders during this bull run, as have the airline stocks, Cramer said.

He expressed concern over the airlines traffic results for this month, partly because of the strength of the U.S. dollar and the impact it will have on tourism. 

Investors need to wait for more clarity from the airlines before getting long, while the railroad stocks need to stop declining in order to lend some sort of stability to the broader market, Cramer said. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.