B&G pullback; opportunity or problem?

Declines are tricky things. Sometimes they present opportunity and other times they're a sign of trouble.

If you're a shareholder, or thinking about becoming one, chances are you're grappling with that very question; the stock has fallen approximately 10% in about two weeks.

Headwinds started to blow after after B&G reported earnings that missed estimates. The company said private label competition had forced them to offer discounts in order to maintain volumes.

That's a problem for B&G whose stable of products includes Cream of Wheat, Oretega tacos, Polaner fruit spreads, Pirate's Booty and many other name brands.

Cream of Wheat
Source: Cream of Wheat | Facebook

Also, in a statement CEO David Wenner said that 'given current trends in the packaged foods industry, we expect growth in our base business to be challenging during the fourth quarter of 2013.'

Nonetheless, the stock is not without tailwinds. Looking at a 5-year chart, the trend line goes from the lower left to the upper right. That's a long-term bull pattern.

Also, B&G tends to advance even if the economy slows; that may become an important catalyst in the days ahead. (Read More: Cramer: Something has gone awry in the market)

In addition, the stock current yields slightly under 4%. The yield alone may attract new buyers.

"And don't forget the company has a proven business model," added the Mad Money host. "They buy neglected brands and then breathe new life into these familiar products with new packaging and new ads.

All told, Cramer thinks the tailwinds are stronger than headwinds.

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"I'm inclined to think the pullback is a buying opportunity," said Cramer. "I'm long-term bullish on the business and in the short-term the yield provides an attractive alternative to bonds."

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