Investors received some "great numbers" when the company reported earnings Tuesday, Cramer said. However, the stock still sank 2.7% on the day. This has been a great long-term performer and Cramer said the dip is likely another buying opportunity.
Kurzius agreed with Cramer's sentiment and said the company's consumer division is "seeing strong, sustained consumer demand as eating at home continues." This trend is becoming a habit.
Touching on McCormick's just-announced 2-for-1 stock split, he said the company wanted to keep its stock accessible to retail investors. It doesn't make much of a difference for institutional investors, but it does for the retail investor.
We looked at MKC on Tuesday writing that, "MKC opened lower Tuesday morning. I have no idea on how the rest of trading will go today or whether moves in the broad market averages will influence MKC. Assuming that MKC holds its late September lows, it should be approached from the long side. Risk a close below $180."
Let's visit with the charts again.
In the updated daily Japanese candlestick chart of MKC, below, we can see a possible bullish hammer pattern with a long lower shadow Tuesday. A bullish candle Wednesday will be confirmation of a reversal. Candlestick reversals can be from down to up but they can also be from down to sideways.
The On-Balance-Volume (OBV) line needs to turn upward, too, and the 12-day momentum study needs for Wednesday's price to be higher than the price 12 days ago.