It was an ice cold Thursday for Campbell Soup (CPB - Get Report) .

Shares of the storied soup-maker came under pressure Thursday as investors frowned on the company's long-awaited restructuring plan. Under siege from activist investor Dan Loeb, Campbell Soup said it plans to sell two businesses, Campbell International and Campbell Fresh. The proceeds will be used to pay down debt and deleverage the balance sheet, and refocus on its North America business.

But with a core soup business on the decline and the threat of a proxy fight from Loeb, investors are likely to stay on the sidelines for now.  

Here's what TheStreet's founder Jim Cramer is saying about packaged food giant PepsiCo (PEP - Get Report) .