Campbell Soup (CPB: sentiment, chart, options) provided the Street with some positive news this morning when it reaffirmed its 2008 sales and earnings growth forecasts. The firm forecasts 2008 continued operations sales growth will exceed its long-term outlook of 3% to 4% and predicts earnings from continuing operations to increase 5% to 7% from 2007.

In other news, CPB completed its sale of Godiva Chocolatier to Yildiz Holding AS for $850 million. Campbell's board also approved the use of $600 million in proceeds from the sale of Godiva, which is expected to add to 2008 earnings, to repurchase stock.

The shares of CPB have been in a steady decline since reaching a peak in February 2007, falling under their 10-week and 20-week moving averages. However, since late January, the stock has been trapped in a sideways channel between support at the 30 level and resistance at the 33 level.

Analysts are slightly optimistic when it comes to CPB. The stock has earned 7 "strong buy" ratings, 1 "buy," and 7 "holds."