NEW YORK (TheStreet) -- TheStreet's Jim Cramer took a look at Macy's (M) earnings report, as well as the recent ruling between Starbucks (SBUX) and Kraft Foods Group (KRFT), where the the former will have to pay Mondelez (MDLZ) (a spinoff of Kraft) $2.7 billion for early termination of its distribution deal.
Turning to Macy's, which topped earnings per share estimates of 39 cents by 8 cents per share, is "the most chronically undervalued stock in the world," he said.
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While investors and the media claimed the company's management was negative about its own business, Cramer argued that that wasn't the case. Instead, they were just worried about transitioning during a weak month.
He added that October was a strong month, with a cold New York City -- which bodes well for Macy's.
-- Written by Bret Kenwell in Petoskey, Mich.
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