U.S. stocks closed sharply lower Wednesday, with all 10 S&P sectors in the red, as investors remain concerned about Europe’s ongoing debt crisis. Some stocks were able to “resist the savage European undertow,” though, noted Jim Cramer on CNBC’s “Mad Money.”
Take B&G Foods, for example. Despite the downward pressure of the overall market, B&G’s stock only fell slightly. To Cramer, B&G has fared well because it boasts “domestic security,” meaning it has no exposure to Europe. From Ortega brand Mexican food and Cream of Wheat to Vermont Maid Syrup and more, the Parsippany, N.J.-based company manufactures and sells a variety of food products in the United States, Canada and Puerto Rico.
“The company has a fabulous track record of buying neglected brands from its larger competitors and then nursing them back to health,” Cramer said, adding its stock currently sports a 4.6 percent dividend yield. “I think this is the ideal domestic, defensive dividend name for this environment.”
To learn more about the company’s prospects, Cramer welcomed CEO David Wenner onto the program. Watch the video to see the full interview.
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