Disney missed earnings for the first time in five years on Tuesday, putting it in the grip of a bearish discussion on the possible falloff of ESPN, an important revenue stream. This was prompted by a mix of cord cutters: those who don't want to pay up anymore for ESPN and those who can get the information on their smartphone and don't want Sports Center.
Read more from Mad Money with Jim Cramer
Cramer Remix: When to buy Facebook & Amazon
Cramer: Why this is a huge week for big money on Wall Street
Cramer: Alphabet the shining star of FANG
At the same time, Disney's broadcast numbers weren't strong, and it took a $147 million charge from closing its Infinity console games business.
"These are all subpar. I am not making excuses for them. However, I think the negatives here mask a much bigger long-term picture," Cramer said.
Cramer pointed out that Disney did grow its earnings per share 11 percent. Additionally, management is running the company with the long term in mind, not the short term. Disney has acquired enough intellectual property to product a mega-blockbuster movie every quarter, for a long time. There is so much in the pipe at Disney; Cramer thinks it cannot be graded just based on ESPN.
"As much as I like Disney long term, I can't feel the same about Macy's," Cramer said.
Unfortunately, Macy's did not fall into the same category as Disney. When he looked into the future, he found that there pretty much isn't anything sold at Macy's that he couldn't find on Amazon, often for less money.
"If things go extremely well, they might just get back to a better level, but if things go awry? Let's just call them terminated," Cramer said.