Here are Jim Cramer’s tips for navigating this season of uncertain results

Earnings season is in full swing on Wall Street, and CNBC’s Jim Cramer said Monday that investors would be wise to take a wait-and-see approach to stocks of companies that are about to report quarterly numbers.

“In this environment, it will always be fragile on the upside and easy on the downside, because the bears… have the upper hand. Just keep in mind that you should never buy this market when it’s up. It’s a I want you to wait for weakness like we had [Monday] before you pull the trigger,” the “Mad Money” host said from the floor of the New York Stock Exchange, the show’s new broadcast home.

“If you’re considering buying something that’s about to be flagged, why not wait to hear what they have to say?” Cramer continued. He cited IBM as a prime example.

As of Monday’s close, IBM was one of seven stocks in the 30-stock Dow Jones Industrial Average to be higher year-to-date. However, shares were down nearly 4% in extended trading on Monday after the company cut its 2022 cash forecast, even as its second-quarter results beat the top and bottom results.

“If you bought it before quarter, you rolled the dice at a casino that doesn’t support blind dice rolls,” Cramer said.

With that in mind, Cramer previewed a number of other major earnings reports that are scheduled for the remainder of this week. All earnings and earnings estimates are provided by FactSet.

Tuesday: J&J, Halliburton, Lockheed Martin and Netflix

Johnson & Johnson

  • Q2 results released at 6:45 a.m. ET; conference call at 8:30 a.m. ET
  • Projected EPS: $2.54
  • Projected sales: $23.77 billion

Cramer, whose Charitable Trust owns shares of J&J, said he expected to see strong numbers from the pharmaceutical giant even as the company strives to separate into two separate entities. He noted that J&J shares have lagged peers this year, including Bristol-Myers Squibb and Merck.

Halliburton

  • Publication of Q2 results before the bell; conference call at 9 a.m. ET
  • Projected EPS: 45 cents
  • Projected revenue: $4.7 billion

“Halliburton’s earnings are skyrocketing, but its shares have been crushed. … I think it’s time to reassess this one and recognize that the earnings could be huge for Halliburton not tomorrow, but for years to come. come,” Cramer said.

Lockheed Martin

  • Publication of Q2 results before the opening; conference call at 11 a.m. ET
  • Projected EPS: $1.88
  • Projected sales: $15.98 billion

netflix

  • Publication of second quarter results after closing; conference call at 6 p.m. ET
  • Projected EPS: $2.95
  • Projected revenue: $8.03 billion

Cramer said he hoped to hear a more “thoughtful” earnings call from management after this quarterly print compared to the streaming giant’s poor first-quarter report. In particular, Cramer said investors wanted more information on Netflix’s recent deal with Microsoft, which is part of Netflix’s development of an ad-supported subscription tier.

Wednesday: Abbott Labs and Tesla

Abbott Laboratories

  • Publication of Q2 results before the opening; conference call at 9 a.m. ET
  • Projected EPS: $1.12
  • Projected sales: $10.29 billion

You’re here

  • Q2 results after the bell; conference call at 5:30 p.m. ET
  • Projected EPS: $1.81
  • Projected revenue: $16.52 billion

Cramer said he thinks Tesla’s earnings report is the most important this week. “Estimates are everywhere. There are a lot of sell odds and just as many buys. [CEO Elon] Musk is still expanding like crazy. … Yet, if Tesla can exceed even the lowest estimates, the stock goes much higher.”

Thursday: AT&T, Freeport-McMoRan, Dow Inc., Union Pacific, DR Horton, Snap, Mattel and Boston Beer

AT&T

  • Publication of Q2 results before the bell; conference call at 8:30 a.m. ET
  • Projected EPS: 61 cents
  • Projected revenue: $29.53 billion

Freeport-McMoRan

  • Publication of Q2 results before the opening; conference call at 10 a.m. ET
  • Projected EPS: 64 cents
  • Projected sales: $6.14 billion

Dow Inc.

  • Q2 results released at 6 a.m. ET; conference call at 8 a.m. ET
  • Projected EPS: $2.14
  • Projected sales: $15.55 billion

Cramer said chemical company Dow Inc., as well as copper miner Freeport-McMoRan, should offer insight into the trajectory of economic growth.

Union Pacific

  • Q2 results released at 7:45 a.m. ET; conference call at 8:45 a.m. ET
  • Projected EPS: $2.85
  • Projected revenue: $6.13 billion

Cramer said he was worried rail operator Union Pacific was warning of a slowdown in business.

DR Horton

  • Third quarter earnings release at 6:30 a.m. ET; conference call at 8:30 a.m. ET
  • Projected EPS: $4.49
  • Projected sales: $8.81 billion

Just like with Union Pacific, Cramer said he’s worried homebuilder DR Horton is reporting a slowdown in cancellations. “Real estate offers are not concluding; household confidence [is] huge. Soaring mortgage rates tend to do that,” he said.

Instantaneous

  • Q2 results after the bell; conference call at 5 p.m. ET
  • Projected EPS: loss of 20 cents
  • Projected revenue: $1.14 billion

Mattel

  • Publication of second quarter results after closing; conference call at 5 p.m. ET
  • Projected EPS: 6 cents
  • Forecast sales: $1.1 billion

boston beer

  • Publication of Q2 results after the bell; conference call at 5 p.m. ET
  • Projected EPS: $4.61
  • Forecast revenue: $612 million

The parent of Sam Adams and Truly has struggled lately thanks to a slowdown in hard seltzer sales, and Cramer said he expected more of the same with this print. He said he preferred shares of Constellation Brands, parent company of Corona, which his Charitable Trust owns, to Boston Beer.

Friday: American Express, Verizon, Schlumberger and Twitter

American Express

  • Q2 results released at 7 a.m. ET; conference call at 8:30 a.m. ET
  • Projected EPS: $2.42
  • Projected sales: $12.51 billion

Cramer said he expects small business and consumer spending to help American Express post strong results.

Verizon

  • Q2 results released at 7:30 a.m. ET; conference call at 8:30 a.m. ET
  • Projected EPS: $1.22
  • Projected revenue: $33.73 billion

Schlumberger

  • Q2 results released at 7 a.m. ET; conference call at 9:30 a.m. ET
  • Projected EPS: 40 cents
  • Projected sales: $6.28 billion

Cramer said he expects a good number from oil services provider Schlumberger, just as he does with Halliburton.

Twitter

  • Q2 results released at 8 a.m. ET; no conference call scheduled
  • Projected EPS: 15 cents
  • Projected revenue: $1.33 billion

Twitter is not holding a conference call to discuss its second quarter numbers, citing its “pending acquisition” by an entity affiliated with Elon Musk. The two parties are currently engaged in a legal back-and-forth related to the agreement.

Disclosure: Cramer’s Charitable Trust owns shares of HAL, JNJ, MSFT and STZ.

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