Coca-Cola beat estimates for quarterly earnings and revenue after consumers bought more of its water, sports drinks and its namesake Zero Sugar beverages. The company's water, enhanced water and sports drink business saw unit case volume grow by 6%.
That growth was driven by consumers' eagerness for smaller, immediate consumption packages.
On the other hand, PepsiCo shares jumped to a record high after the beverage and food giant reported quarterly earnings and revenue that beat analysts' expectations, thanks to continued growth internationally and by its Frito-Lay snack business.
What do Coca-Cola and Pepsi share in common? Cramer says it all comes down to attracting millennials.
"PepsiCo was the star of the show because Frito Lay, you really want the snacks. But James Quincy is doing a good job. That Coke Zero Sugar is delicious, I one yesterday. But PepsiCo's unsalable and the reason why PepsiCo is unsalable is because Frito Lay is really a juggernaut."
Cramer add, "A lot of them, they infuse a lot of their formula with heat. Millennials love heat like look at Frank's. That was such a good buy by McCormick (MKC) - Get Report , the hot sauce. They like to put the sauce on and it doesn't add weight. That's important. Millennials care about how they look more than how they, no, let's leave it at that."