CNBC’s Jim Cramer on Friday provided insight into what’s happening on Wall Street next week. He said he would pay close attention to several quarterly earnings reports, particularly from oil and gas companies.
He also praised this week’s market moves, saying that next week may not be as strong, but it could still be an opportunity for the “bullish herd” to continue thundering“ if interest rates remain under control.
“Next week we won’t be as oversold as we were on Monday, so I don’t expect the strength we had this week,” Cramer said. “So if you have some positions that you don’t like, it’s time to do it [sell, sell, sell!].”
On Monday, Cramer said he would wait for earnings results from Coterra and Diamondback Energy, both oil and gas companies he likes. On Tuesday he will look at reports from Emerson Electric and energy drink maker Celsius. Cramer also pointed to two other oil companies, Devon and Occidental, that filed after the market closed on Tuesday. Devon could be disappointing, he said, but added that investors will make money on Occidental as long as Warren Buffett continues to buy its shares.
There will be a report from Warner Bros. Discovery on Wednesday. Cramer said the company needs to demonstrate continued debt repayment and new programs, but added that he has confidence in CEO David Zaslov. He said he was also interested in a report from Kellanova, a Kellogg spinoff focused on snacks. The company’s report could show whether the snack industry is facing headwinds due to the increasing popularity of obesity drugs, he said. Disney reports after closing, and Cramer said it is important for the company to indicate that it has strategic partners with which to do business.
On Thursday, Cramer said he would keep an eye on Trade Desk, which could report a decent quarter after the market closes. However, he said he was bearish on the stock of biotech company Illumina, which also reported on Thursday. Poor results from Illumina could bring down rivals Thermo Fisher and Danaher, he said. On Friday, Cramer said he would look at the Michigan Consumer Sentiment Index, which could provide insight into the Federal Reserve’s fight against inflation.
Join the CNBC Investing Club now to follow Jim Cramer’s every move in the market.
Disclaimer The CNBC Investing Club Charitable Trust holds shares of Coterra and Danaher.