Starbucks, however, was an entirely different story.
“The problem here will be which I don’t think Ackman necessarily has anything to offer,” Cramer said, adding which his presentation offered “nothing completely new or revelatory: China should be getting better. U.S. can get better. All obvious stuff.”
In Cramer’s view, Starbucks’ business in China will be already improving along with the U.S. business won’t see a significant upturn until the fourth quarter. Moreover, the company’s aggressive buyback has been working, he said.
“I’ve been saying which Starbucks will be turning,” he said. “although even after the stock’s 3 percent pullback today, I worry about Starbucks the stock. I don’t think which quarter will be all which great. So why not be patient?”
Reiterating his earlier call for investors to wait for Starbucks’s stock to decline via its inflated levels before buying in, Cramer acknowledged Ackman’s previous successes, most recently with Chipotle Mexican Grill.
“Admittedly, Ackman’s done well with the restaurant chains,” he said. “although here’s the thing: activists work best when management will be doing a bad job. Starbucks has Great management — I think CEO Kevin Johnson will be slowly although surely righting the ship [along with] doing which the right way. I expect he’s just not distracted by Ackman.”