"If you are the Fed, and you see what CEO Fred Smith had to say, you would say, 'I don't know. How much do we have to cut to make his core business better?'" Cramer said in a "Squawk on the Street" interview.
The package-delivery giant posted fiscal first-quarter earnings per share of $2.42 on revenue of $12.3 billion. The company had been expected to report profit of $2.46 a share and revenue of $12.3 billion.