CNBC's Jim Cramer told investors Friday what to watch for on Wall Street next week, highlighting JPMorgan's market-moving healthcare conference in San Francisco. The conference, held Monday through Thursday, is one of the largest gatherings of the year for CEOs of major industries to provide earnings guidance and clinical trial research updates.
“The new year has started with a reallocation of money from the 'Magnificent Seven' to the sidelines,” Cramer said, pointing to health care stocks as a particularly notable group that will likely be “driven by people's expectations” to hear from the JPMorgan Healthcare Conference.”
Cramer will interview several CEOs at the conference, starting Monday with Walgreens CEO Tim Wentworth. Cramer said he's excited to see how the company plans to bounce back after cutting its dividend by nearly half this week. Cramer will also speak with Amgen and Medtronic executives as well as new Bristol Myers CEO Chris Boerner, asking him about the company's aggressive biotech acquisition plans.
On Tuesday and Wednesday, Cramer will continue to interview CEOs of major industry players, including David Ricks, CEO of Eli Lilly. Cramer said he is particularly interested in the company's diabetes and weight loss drug as well as its Alzheimer's initiative. He will also speak with CVS Health CEO Karen S. Lynch to discuss the company's ongoing transition from drugstore to healthcare provider. Cramer will also hear from the CEOs of Pfizer, Regeneron, Novartis, Abbott Labs and Cencora.
The consumer price index for December will be published on Thursday. Cramer said he believes those hoping for soft numbers will be disappointed. Cramer will also be watching CES, the Consumer Electronics Show, next week. The technical event will feature comments from Nvidia and Dell executives.
Earnings season begins Friday with reports from major banks like JPMorgan, Bank of America and Wells Fargo. BlackRock will also report, and Cramer said he believes the company's earnings could give investors a solid overview of the financial industry. He will also keep an eye on Friday reports from UnitedHealth Group and Delta.
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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Eli Lilly.