Campbell Soup (NYSE: CPB) seemed to have an okay first quarter. Revenue rose 3%, and earnings per share on an adjusted basis increased 10% to $0.77. This beat expectations by a penny, according to this source. Now, I agree, these numbers weren't great, but did you see the reaction to the stock on Monday? It closed down over 7.5% on better-than-average volume. Did the stock deserve such a beating? Was the selling a buying opportunity?

Well, as I've been saying, many stocks are great for long-term buying. How many times have you heard that people will be looking back at this current state of volatility after several years have passed only to conclude that it was one of the best buying opportunities of a lifetime? Campbell Soup is probably applicable to that cliche. However, the fact that the market rallied on Monday and Campbell Soup didn't participate might mean something. It might mean that the fears of currency translations and their effect on future earnings (this was mentioned in the press release and in news reports) will indeed cause the company some problems in the next several months.

What does this mean for someone who wants to pick up shares of the soup concern? Be wary, especially if you're sick and tired of picking up stocks at the wrong time. Even long-term thinkers don't want to feel a need to double-down a week after entering a position. No, I'm not saying Campbell Soup will tank that fast after the Q1 report. In fact, it may very well bounce from here.

I just didn't like the price action on Monday, so I probably would wait a little bit before considering the stock. Like Kraft (NYSE: KFT), Coca-Cola (NYSE: KO), and Kellogg (NYSE: K), Campbell Soup is a dividend play backed by a powerful line of supermarket products. However, like all those companies, international exposure is a big part of its thesis. So one must recognize that shares of Campbell Soup must be approached carefully considering all the headlines as of late concerning the effect of overseas sales.

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