While sales in North America did decline, the company is making some changes to its marketing and product packaging to change that, Borchardt said.
Cramer added that CEO Muhtar Kent was not the kind of leader to be content with these results. As for the rally in the stock, according to Cramer, it had traded down too much ahead of earnings. When the results weren't that bad, the stock moved rose today.
He suggested that Coca-Cola split in two, with a domestic segment and an international segment. The domestic business would have a high, solid dividend, while the international unit would provide good growth.The company has a solid share buyback program and a dividend that is consistently increased. While "no one ever got hurt buying Coca-Cola," Cramer said, he's not so sure he'd be a buyer right now. But in the event of a U.S. default, the stock should hold up well. He also added that he likes Pepsico (PEP) but the stock may have run up too much, too fast ahead of its earnings report later this week. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell