Cramer’s Morning Take: Starbucks 1/28/26

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Jim Cramer (1:00)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club morning meeting.

David Faber (1:06)

Let's start with Starbucks. You had a comp sales a blowout here, 4 percent, estimates of around two people coming back to the stores. Transactions are growing, wait times are down. What's driving the transaction growth? Wait times are down, drive-through times are down, they're getting mobile right. Earnings was a miss, but Brian Nicol has said that's fixed comps, get people back to the stores, margins will follow.

Jim Cramer (1:31)

Okay, so let's talk about this. This stock was at 105, it's come down. I want to urge people to say, we're looking for opportunity, but we have a huge position, but understand that there are now people who say, well, hey, wait a second, he's not making that much money off the comp stores. He assured me this morning, totally wrong way to look at it, once he gets them in the stores, he's going to be able to feed the gross margins. So don't do it on that, and certainly don't sell the stock. If you don't have it, wait, they may take the stock down. We sold that with G.Renogo at one point this morning.

David Faber (1:59)

Yeah, this was the first full quarter of the green apron service embedded in the daily operation. So good to see what they can pull off with that. 26 Guidance, they introduced comp sales of at least three. That was nice. Again, EPS Lite. We're going to see an investor day tomorrow. They'll go over some multi-year targets. So I'm sure we'll hear a lot more about the 2 billion of cost takeout opportunities they see over the next few years and where margins can go in the future.

Jim Cramer (2:27)

It was always about throughput. It was always about getting in and getting out. As he said, as he explained to me when he first got to Chipotle, he's a tremendous teacher of mine. I've learned a lot from him. And what he said is, if you get people in four minutes, they'll come. And then once you get them to come, if you make the place more comfortable, they'll stay. It's all coming together.

David Faber (2:49)

Yeah. And we put a two on it yesterday, or maybe the day before. I'm sorry.

Jim Cramer (2:54)

I'm telling you, it's going to be very hard to maintain this because it did go up big.

David Faber (2:57)

And there's a big day tomorrow, too. So let's digest the investment tomorrow. Then we'll update our rating if we need to.

Jim Cramer (3:04)

And there's been a lot of fervor, take stock up and then go down. And unless it's a shortage play like Texan, Texan Instruments or Seagate, it has not stayed up. And that's because there's sellers everywhere because so few people actually believe in this rally still. Start your day with my out look on the market every morning. Visit cnbc.com/morningtake to become a CNBC Investing Club member at a special rate today.

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