Were Hedge Funds Wrong to Dump General Mills?

There aren’t a lot of stocks that Cramer will recommend in this market, he told viewers Wednesday, but there are some standouts. Like General Mills .

However, the company yesterday disappointed Wall Street with a, well, blah quarter. After General Mills upped its dividend, Cramer had expected a stellar report, but instead we got results that merely met expectations without beating them. What’s worse, earnings-per-share guidance for fiscal 2011 was a real let down, its midpoint coming in 3 cents lower than analysts’ expectations.

The hedge funds that piled into the stock before the report piled right back out after seeing these results. As a result, GIS dropped 5.8% in after-hours trading and recovered only enough to close down 3.7% today.

But Cramer saw some positives in the quarter that he thinks were overlooked, namely a bump in volumes and 7% to 8% growth rate that’s still intact. If he’s right about GIS, does that mean this is a buying opportunity? That’s what he brought Chairman and CEO Ken Powell on to the show to find out. Watch the video for the full interview.

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