After a wildly impressive 2015, shares of Starbucks (SBUX) have become quite the disappointment for investors in 2016, falling more than 11%. Investors are hoping that the company's luck turns around when it reports earnings on Thursday after the close.

Starbucks is a holding in the Action Alerts PLUS portfolio, which TheStreet's Jim Cramer co-manages. 

"The classic growth stocks here are really under assault," Cramer said of Starbucks and other growth plays from the floor of the New York Stock Exchange Wednesday.

Starbucks has been under pressure, he added, so even with good results the stock could come under further pressure. Just look at Allergan (AGN) , Cramer said, another Action Alerts PLUS portfolio holding. The company reported pretty good results and investors are selling the stock lower as it now approaches new 52-week lows.

Other classic growth stocks like Nike (NKE) and Under Amour (UA) have been under pressure too. So have drug stocks and health care plays, Cramer added.

Simply put, growth is out of fashion right now, as are cyclical and consumer products stocks, Cramer concluded.

Analysts expect the company to earn 55 cents per share on $5.68 billion in revenue. 

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

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