Jim Cramer Weighs In on McDonald's CEO, Under Armour Earnings, and the Trade War

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There's been quite a news dump before the markets even opened. 

Under Armour (UAA) - Get Report released earnings, and formally confirmed a federal probe, McDonald's CEO has been fired, and now it's time for a trade war check-in. 

And, oh yeah, then the Dow hit an all-time high. 

Let's Talk About Trade

Cramer wrote about the U.S.-China trade war and what he needs to see from China in his Real Money column Monday morning.

Here's what on Cramer's mind:

"But let's understand each other. It's been the Chinese leaking endlessly that the talks aren't going well. My reporting has shown over and over again that the Chinese are unreliable in their behind-the-scenes comments, yet because of some sort of unfortunate bias, they are far more trusted than their American counterparts," said Cramer. "To me, the sticking points for this phase will be if there is something else we have to give up besides delaying tariffs -- as that isn't really that big an ask. That's what makes me a tad suspicious about this whole truce happy talk. What are the Chinese going to do to show they mean business ahead of the talks?"

And Then There's Under Armour...

Under Armour posted stronger-than-expected third-quarter earnings Monday, but an ongoing investigation into the sportswear group's accounting practices by federal regulators will likely cloud the company's near-term market performance.

Let's talk about the federal probe...Under Armour said it is cooperating with investigations from both the Securities and Exchange Commission as well as the U.S. Department of Justice after the Wall Street Journal reported the two agencies were looking into the company's revenue recognition accounting, which it said was used to flatter sales from quarter to quarter.

Under Armour said its "practices and disclosures were appropriate" and has been responding to requests for documents since July 2017 "relating primarily to its accounting practices and related disclosures."

Under Armour said earnings for the three months ending in September came in at 25 cents per share, essentially flat to the same period last year and 7 cents ahead of analyst expectations.

And, Finally, McDonald's...

McDonald's (MCD) - Get Report announced Sunday that chief executive and president Steve Easterbrook was fired after "he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee," the company said.

Chris Kempczinski is taking over the chief executive and president role, said the company. Kempczinski, former president of McDonald's USA, has also been elected to the board.

However, Cramer's been hyper-focused on breakfast and the competition from Wendy's (WEN) - Get Report .