Wall Street is preparing for a big week of earnings that will offer a better read of the apparent economic slowdown, CNBC’s Jim Cramer said Friday.
During Friday’s session, the Dow Jones Industrial Average slid nearly 69 points. The S&P 500 and Nasdaq Composite also slipped 0.62% and 0.74%, respectively, as the market digested a full week of the latest quarterly results. The two latter indexes posted their worst weeks since May.
“You need to understand that we’re about to embark on the busiest week of the year for industrial earnings,” the “Mad Money” host said. “We’ll be flooded with new information, and if you can’t handle it or handle all the noise … this might be the perfect week to take your summer vacation.”
Here is Cramer’s game plan for the trading week of July 22:
Monday: Halliburton; Whirlpool
Halliburton: The oil service company reports earnings before the market opens. Cramer thinks the results will be suboptimal.
Halliburton could signal a stronger second half of the year, Cramer said, “but this market is not the least but sanguine about oil.”
Whirlpool: Whirlpool’s results come after the bell. Cramer also thinks the report will be subpar, but says the company could offer key details about the consumer.
“The banks have told us that the consumer is flush,” he said. “Whirlpool’s washer and dryer sales are going to tell a better tale.”
Tuesday: United Technologies; Coca-Cola; Chipotle; Visa
United Technologies: United Technologies has an earnings call before trading starts. Cramer said he expects to hear a good story from management, but some on Wall Street are skeptical of the plan to merge with Raytheon.
“I think it’s a good move for United Technologies, but [CEO Greg] Hayes has got to come out on this call and flesh out why he thinks this deal is worth doing,” he said.
Coca-Cola: The iconic drink maker reports earnings in the morning. Cramer is bullish on the stock.
“This is not an exciting stock. It’s just a stock that kind of goes up over time,” he said.
Chipotle: Chipotle will hold a conference call after the market closes.
“I’d recommend buying some before the quarter and some after, just in case it pulls back,” Cramer said.
Visa: Visa reports earnings after the market closes.
“This stock is an erratic trader. It often sells off on even the best of reports, giving you the single finest moment to pick some up into weakness,” Cramer said.
Wednesday: Boeing; Caterpillar; Tesla; Facebook; PayPal; Xilinx; ServiceNow
Boeing: The airplane manufacturer, which has weathered months of controversy, reports earnings in the morning. Boeing said Thursday it would take a $4.9 billion charge for its 737 Max plane challenges.
“It is hard to quantify the money that’s involved with this kind of problem, but this charge, I think, gives you some certainty,” Cramer said. “That makes Boeing’s quarter a lot less risky, as far as I’m concerned.”
Caterpillar: The heavy-machinery manufacturer delivers its latest results prior to the bell.
“I think CAT’s a buy ahead of the report. And then I’d double down more after we see the numbers,” Cramer said.
Tesla: Tesla reports earnings after the bell. Investors are wondering if the company is making money, Cramer said.
“People get mad at me because I won’t take a stand on Tesla, but I simply think it’s a cult stock and cult stocks are hard to game,” he said.
Facebook: The internet conglomerate reports results when markets close.
“Remember, a year ago, it was really the darkest time for Facebook,” Cramer said. “But, in the end, I don’t think Facebook’s business has been hurt at all … because the advertisers still love it.”
PayPal: PayPal, which Cramer called the “king of payments,” has an earnings call after the bell.
“PayPal’s stock tends to stall out after earnings, especially when it’s had a big run going into the quarter,” Cramer said. “If you’re going to buy PayPal, I have to suggest … that you wait until after it reports.”
Xilinx: Xilinx reports earnings after stocks stop trading.
“Listen closely to this one,” Cramer said. “They may know more than anyone else about what the Chinese are thinking.”
ServiceNow: ServiceNow also reports after the market close.
Thursday: 3M; Amazon; Alphabet; Starbucks
3M: 3M has a conference call scheduled before the bell. The company has been plagued by water pollution issues.
Amazon: The retail giant reports earnings after the market closes.
“I’ll be paying more attention to Amazon Web Services … to see if it can match the strength of Microsoft’s competing Azure platform, which was extraordinary, ” Cramer said.
Alphabet: The Google-parent also delivers results after the closing bell.
“It’s been a bummer to own going into almost every quarter that I can recall these times,” the host said.
Starbucks: The seemingly ubiquitous coffee chain reports earnings after the close. It’s one of six stocks that Cramer says investors can’t get enough of.
“I want to emphasize that when this stock runs into earnings, and it has really run into earnings, it tends to be a disappointment,” he said.
McDonald’s: Shareholders will hear the latest results from McDonald’s in the morning.
“I recommend buying it into any dip next week,” Cramer said.
WATCH: Cramer discusses the week ahead in earnings
Disclosure: Cramer’s charitable trust owns shares of Alphabet, Amazon, Microsoft, Facebook, Schlumberger and Caterpillar.
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