From the Super Mario Wiki
The Fortune Cookie (known as the Written Oracle in Japan) is a souvenir located in the Doodads folder in WarioWare: Twisted!. The Fortune Cookie, as its name implies, contains a fortune that is removed by shaking the fortune out of the crack of the cookie. On the tip of the fortune is a color that represents whether or not it's a good fortune or a bad fortune. Good fortunes will have alternating red and white stripes flash in the background, while bad fortunes will simply not. Every color also plays a sound unique to it. The quality of the fortune range from red to purple: red represents the best, while purple represents the worst. White can also appear, which is neutral.