Cramer's Quick Thoughts On Under Armour, Procter & Gamble

CNBC's Jim Cramer is keeping a very close eye on Procter & Gamble Co (NYSE: PG) in anticipation of "fireworks" in the stock.

Nelson Peltz's Trian Fund Management is likely "very happy" with the recent CEO changes at one of its core holdings, General Electric Company (NYSE: GE), which means the activist can pay closer attention to another core holding, Procter & Gamble, Cramer explained during Tuesday's "Stop Trading" segment.

Peltz finally has the ability to issue a "white paper" and "take a shot" at Procter & Gamble, Cramer said. Procter's stock continues to trade with an attractive 3 percent dividend yield, but this may not last long as shares could be poised to surge higher, as has been the case for any stock Peltz got involved in.

"If you got long when [Peltz] starts making noise, you beat the S&P," Cramer said. "There are very few activists you can say that about."

Bottom line, investors have two ways to win on Procter & Gamble's stock: through the yield and improved operations through Peltz's involvement.

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Under Armour Is Playing Catch Up

Shares of Under Armour Inc (NYSE: UAA) are up more than 15 percent in the past five days alone, which prompted Cramer to suggest the stock is finally playing "catch up."

The problem is that investors shouldn't get ahead of themselves since at the end of the day Under Armour's fate is tied to the retail sector.

Nevertheless, Cramer doesn't believe the stock, which traded near $18 per share, represents a fair valuation for the company and is led by CEO Kevin Plank who is a huge "competitor" that won't allow the company to degrade any further.