CNBC’s Jim Cramer is eager to begin focusing back on the stock market, but the cryptocurrency craze is still capturing Wall Street’s attention.
He expects that bitcoin and other speculative coins will continue to be top of mind, and the big declines being witnessed in crypto markets will drag on stocks. This could create buying opportunities for investors in stocks as another packed week of earnings rolls through.
“All in all, this is a historically slow week, but there are enough new companies reporting that it’s now jam-packed,” Cramer, discussing his game plan for next week, said on “Mad Money” Friday.
The week ahead will close out trading for the month. With the exception of the Dow Jones Industrial Average, the major U.S. indexes are down month to date. The tech-heavy Nasdaq Composite is down 3.5% in May, while the S&P 500 has lost 0.6% over that time period. The Dow is up about 1% in May.
Cramer gave viewers a preview of the upcoming corporate earnings reports he has circled on his calendar.
“Maybe, just maybe, that can overshadow bitcoin, as long as Elon Musk can keep his mouth shut about crypto,” he said.
Projections for revenue and earnings per share are based on FactSet estimates:
- Q1 2021 earnings release: after market; conference call: 4:30 p.m.
- Projected losses per share: 28 cents
- Projected revenue: $0
“Right now, this market despises all the pre-revenue SPAC plays because they burned people so badly over the last few months,” Cramer said. “Lordstown’s stock’s down roughly 70% from its highs. I don’t know how they can get their mojo back, but, you know, maybe they’ll surprise me.”
- Fiscal Q3 2021 earnings release: before market; conference call: 10 a.m.
- Projected EPS: $20.13
- Projected revenue: $3.27 billion
“This is a very reliable company, so you can get in the zone both before and after earnings,” Cramer said.
- Fiscal Q3 2021 earnings release: after market; conference call: 4:30 p.m.
- Projected EPS: $6.51
- Projected revenue: $4.42 billion
“Intuit’s stock hit an all-time high today,” he said. “I don’t think that’s going to deter buyers.”
- Fiscal Q2 2021 earnings release: after market; conference call: Wednesday, 8:30 a.m.
- Projected EPS: 80 cents
- Projected revenue: $1.78 billion
“If Toll tells a story of strong orders and … expanding gross margins, I think the stock can get its groove back,” the host said. “But everything has to be perfect, including assurances from management that lumber and appliance costs are indeed under control.”
Wednesday: Dick’s Sporting Goods, American Eagle Outfitters, Williams-Sonoma, Nvidia, Snowflake, Okta, Workday earnings
- Q1 2021 earnings release: before market; conference call: Wednesday, 8:30 a.m.
- Projected EPS: $1.16
- Projected revenue: $2.2 billion
“I bet they deliver astounding numbers because all sorts of sporting goods are in short supply as Americans venture outdoors en masse,” Cramer said.
- Q1 2021 earnings release: 4:15 p.m.; conference call: 4:30 p.m.
- Projected EPS: 46 cents
- Projected revenue: $1.02 billion
“I think we could see similar strength from…