Auxier also sees good value in corporate debt, and has invested more than 20% of his fund's assets in bonds of companies such as Waste Management (WM), Time Warner (TWX) and Dr Pepper Snapple Group (DPS). He owns Dr Pepper stock, too, and it's his best performer this year, up 63%.

Trian Fund Management decreased its stake to 14,162,414 shares (5.58%), after selling 1,000,600 shares from June 18 to June 25 at $20.83 to $22.28 each. The firm's holdings include 7,780,998 shares (3.07%), subject to swap agreements.

From a recent Mad Money show:"I'd rather do Coca-Cola (KO). I also like Hershey Foods (HSY) and want to buy some Hershey right here."

An Episode 7 challenge involves Dr. Pepper (DPS), an ingredient the contestants were surely thrilled to incorporate into their dishes. If that wasn't enough, in the holding room while the chefs wait to be called to the judges' table, boxes of Diet Dr. Pepper are often placed inexplicably on shelves directly behind their heads. Dr. Pepper closed down 50 cents, or 3.3%, at $14.79.

Trian Fund Management thinks the company is incorrectly perceived as a beverage bottler, rather than a higher-margin branded beverage company. Trian has conveyed its opinion to management, and will continue discussing strategies to enhance shareholder value through sharper strategic focus, better operational execution and more efficient use of capital.

i work for them

Dr. Pepper, 7-up, Mott’s Apple Juice, A&W Root Beer, etc. The stock was spun out as a dividend to shareholders from Cadbury-Schweppes. It was sput out at $27.50. When a stock is spun out like that as a dividend then its classic what happens next. The large funds that liked Cadbury but didn’t feel like owning another stock in the food/drinks/snacks space will sell their shares, regardless of price or value. Combine that with the general market selloff and I think DPS is probably the safest play out there at the moment, trading where it is in the $20s. It has a P/E ratio of 10, versus 18-19 for KO (Coke) and PEP (Pepsi) even though it’s the third largest soft drink producer in the world. That’s a stretch. You can buy it here and easily ride it to $25, where its still cheap (I think it goes to $30) but might as well take profits there at this point.

Five Dirt-Cheap Stocks for Getting Filthy Rich: Stockpickr founder, James Altucher, says these dirt cheap stocks will make you serious money.

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Paging Dr Pepper
James Altucher says Dr Pepper is the spinoff you need to pay attention to right now.

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Dr Pepper's P/E is one of the lowest among major food and beverage companies. The stock seems cheap, considering the strength of the Dr Pepper brand and the company's goal of generating "high single-digit" annual growth in earnings per share. A couple of Wall Street analysts, while cautious about Dr Pepper's outlook, agree that the stock looks undervalued. The most bullish analyst, Andrew Wood of Sanford Bernstein, values Dr Pepper around $35 a share, while Mike Branca, Lehman Brothers' beverage analyst, puts the stock at 28 to 32 a share. Morgan Stanley's Bill Pecoriello started covering the stock last week with an Equal rating, but has a 30 price target. Judy Hong of Goldman Sachs valued the stock at 32, and also rated it Neutral. If Dr Pepper hits 31, that would be a nearly 25% gain from the current level.