Shares of Activision Blizzard (ATVI) - Get Activision Blizzard, Inc. Report have been pretty volatile since reporting earnings Thursday after the close.

Initially, shares fell about 10%. Then, after listening to the conference call, share were up about 3% in Friday's premarket trading session, before ultimately dropping about 3% into the morning trade. For the record, Activision beat on earnings per share and revenue estimates, growing sales 16.6% year-over-year.

The stock's reaction is sort of like Starbucks'  (SBUX) - Get Starbucks Corporation Report . It dropped big on the results, and after the conference call, shares moved higher, TheStreet's Jim Cramer pointed out on CNBC's "Mad Dash" segment. Only difference is, Starbucks stock is up about 2.5% on the day now, although both are off their overnight lows.

Activision's Overwatch League involves 12 teams that compete to win games of the first-person shooter.

Activision Blizzard CEO Robert Kotick, who's led the company since 1991, is "brilliant," Cramer went on to say. Its Call of Duty game was just released and its deal to acquire Candy Crush parent King Digital Entertainment was a great move for Activision's mobile strategy.

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"The conference call was a tour-de-force," he added, saying Activision continues to build momentum in the e-sports industry with its Overwatch League. This concept is only becoming more relevant among gamers and we've seen other companies, like Take-Two Interactive (TTWO) - Get Take-Two Interactive Software, Inc. Report , have success as well. This area of gaming is far from over.

While Activision did have a better quarter than Electronic Arts (EA) - Get Electronic Arts Inc. Report , understand that most gaming companies go in cycles based on their hits. Also understand that as Nvidia (NVDA) - Get NVIDIA Corporation Report makes better and better chips, these games become even more impressive, he explained. 

"Gaming is more important than ever," Cramer said. "I'm not saying the sky's the limit, but I am saying this continues to be a very intact story with e-sports still not built into it. I still think you get a higher price," he concluded. 

Much like it began, Activision ended Friday's trading session down 3.44% at $63.20. 

Activision Blizzard, Nvidia and Starbucks are holdings in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells ATVI, NVDA and SBUX?Learn more now.

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At the time of publication, Cramer's Action Alerts PLUS had a position in ATVI, NVDA and SBUX.