Jim Cramer was absolutely delighted when McDonald's earnings delivered a major happy meal to Wall Street on Thursday. The best part? Cramer thinks this is the start of a major McDonald's comeback.
"It is only just beginning and while I don't like to chase stocks that are up eight points and trading at their 52-week highs, I think the pinions are in place for a multiyear move," the "Mad Money" host said. (Tweet this)
In Cramer's perspective, the big turnaround for McDonald's is all about new CEO Steve Easterbrook. He took the reins just seven months ago and decided to start fixing the fundamentals. He focused on its difficult menu, costly mistakes and long lines at the drive-through.
Easterbook emphasized that McDonald's would go back to its core mission and sell inexpensive, good tasting food that is convenient and consistent.
But behind the scenes, Easterbrook pulled off what was viewed as an impossible move — he got the support of its franchises. That's vital because they run the actual stores every day.