Campbell Soup Company (NYSE: CPB) is as hot as a rich bowl of steaming broth. You just knew some sort of goofy pun like that was coming since the stock hit a new 52-week high today of $39 and change. Why is the stock reacting so well?

Campbell reported earnings on Thursday that pleased Wall Street. Net sales increased almost 13%. Adjusted earnings from continuing operations came in at $0.26 per share, a huge increase over the $0.15 per share in adjusted earnings that was booked last year at this time. According to Earnings.com, the beat on the bottom line wasn't huge, but it was still a beat -- Campbell came in one penny ahead of expectations. This was an overall impressive performance, and it looks as if the company is exploiting its brand potential in an effective manner so that price increases can be passed on. One negative is that volume decreased during the quarter, but the decline wasn't large at 1%. More significant is the fact that a 53rd week added 8% to the top line. Still, I think Campbell is doing well enough. And if oil prices continue to drop, the soup giant might find it easier to navigate the current inflationary environment.

The stock has been thriving exceptionally well during the turmoil of the financial markets. It truly has been a defensive stock, even better than The Coca-Cola Company (NYSE: KO) and PepsiCo (NYSE: PEP). I really see no reason for Campbell's stock to decline in the short term. I think it has momentum behind it. However, with the dollar gaining some strength as of late, I would worry a little about buying the stock at the 52-week high, although it does still sport a tasty dividend yield even at these levels. If you do buy now, a stop would probably be good to use.

Disclosure: I own Coca-Cola; positions can change at any time.