CNBC’s Jim Cramer on Friday provided insight into developments on Wall Street next week. He said he will pay close attention to various quarterly earnings reports, especially from oil and gas companies.
He also praised this week’s market action, saying that next week may not be as strong, but it could still be an opportunity for “the bull pack to continue attacking.”“ if interest rates are kept under control.
“Now, next week we won’t be oversold like we were when we came in on Monday, so I don’t expect the kind of strength we got this week,” Cramer said. “So, if you have some positions that you don’t like, it’s time to [sell, sell, sell!]”.
On Monday, Cramer said he will be waiting to hear earnings results from Coterra and Diamondback Energy, both oil and gas companies he likes. On Tuesday he will see reports from Emerson Electric and energy drink maker Celsius. Cramer also noted that two other oil companies will report after Tuesday’s close: Devon and Occidental. Devon may be disappointing, he said, but he added that investors will make money from Occidental as long as Warren Buffett keeps buying its stock.
Wednesday will bring a report from Warner Bros Discovery. Cramer said the company will need to show continued debt repayment as well as new programming, but added that he has confidence in CEO David Zaslov. He said he’s also interested in a report from Kellanova, a Kellogg subsidiary focused on snacks. The company’s report could show whether the snack industry faces headwinds due to the growing popularity of anti-obesity drugs, he said. Disney reports after the closing and Cramer said it is important for the company to indicate that it has strategic partners with whom it can do business.
On Thursday, Cramer said he’ll be keeping an eye on Trade Desk, which could report a decent quarter after the close. However, he said he is bearish on shares of biotech company Illumina, which will also report Thursday. Illumina’s poor results could bring down peers Thermo Fisher and Danaher, he said. On Friday, Cramer said he will examine the Michigan Consumer Sentiment Index, which could provide insight into the Federal Reserve’s fight against inflation.
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Disclaimer CNBC Investing Club Charitable Trust owns shares of Coterra and Danaher.