Cramer’s week ahead: The June jobs report will be pivotal

CNBC’s Jim Cramer on Friday advised investors to keep a clear mind in the coming days as Wall Street readies to digest the June jobs report out in a week.

The report will be pivotal due to the ongoing debate about rising consumer prices in the U.S., he said.

“Next week’s all about Friday’s nonfarm payroll report. Regardless of what the actual number is, the inflation hawks are going to come on TV, they’re going to make a lot of noise about how the economy’s [overheating]” and the Fed needs to tighten immediately, the “Mad Money” host said. “Don’t even bother to listen to them.”

The comments come after the major stock indexes rebounded this week from noteworthy declines a week ago.

The S&P 500 and Nasdaq Composite rose in Friday’s session, notching fresh record highs. The Dow Jones Industrial Average climbed to be within 1% of its own closing high from early May.

Cramer also flagged the corporate earnings reports he’ll be keeping an eye out for in the week ahead.

Projections for revenue and earnings per share are based on FactSet estimates:

Monday: Herman Miller earnings

Herman Miller

  • Q4 2021 earnings release: after market; conference call: Tuesday, 9:30 a.m.
  • Projected EPS: 39 cents
  • Projected revenue: $583 million

“I think Herman Miller feels like a pandemic play when what we’re really looking for post-pandemic plays. Call me a tad nervous,” Cramer said.

Tuesday: AeroVironment earnings

AeroVironment

  • Q4 2021 earnings release: after market; conference call: 4:30 p.m.
  • Projected EPS: 81 cents
  • Projected revenue: $147 million

“Unmanned aerial vehicles are pretty cool, but what I care about are unmanned ground vehicles,” Cramer said. “Right now we’ve got a real shortage of truck drivers and, by the way, AeroVironment looks like it might have some answers.”

Wednesday: Constellation Brands, General Mills, Bed Bath & Beyond, Micron earnings

Constellation Brands

  • Q1 2022 earnings release: before market open; conference call: 11:30 a.m.
  • Projected EPS: $2.35
  • Projected revenue: $2 billion

“I’m looking for a very big number with only Covid potentially holding them back because they make these beers in Mexico, and Mexico’s way behind us in shutting down the pandemic,” the host said.

General Mills

  • Q4 2021 earnings release: before market; conference call: 9 a.m.
  • Projected EPS: 85 cents
  • Projected revenue: $4.36 billion

“Many analysts worry it’s going to get hit because of inflation,” Cramer said. “I’m actually looking for something else that morning. There’s an acreage report from the Federal government that might show a huge increase in corn, which could send the whole commodity complex tumbling.”

Bed Bath & Beyond

  • Q1 2021 earnings release: before market; conference call: 8:15 a.m.
  • Projected EPS: 8 cents
  • Projected revenue: $1.87 billion

“I think this company might just show itself to be a darned good retailer with real products that could make this thing a brick-and-mortar survivor,” Cramer said. “Bed Bath & Beyond could be worth owning.”

Micron Technology

  • Q3 2021 earnings release: after market; conference call: 4:30 p.m.
  • Projected EPS: $1.71
  • Projected revenue: $7.2 billion

“The last time they reported, the stock peaked as though the semiconductor cycle was over,” he said. “I think it’s ridiculous and Micron has more room to run, but … the decline has been torture and I’m betting the shareholders will skedaddle on any uplift.”

Thursday: Walgreens Boots Alliance, McCormick earnings

Walgreens Boots Alliance

  • Q4 2021 earnings release: after market; conference call: 4:30 p.m.
  • Projected EPS: $1.15
  • Projected revenue: $33.49 billion

“I doubt anyone can change that downward trajectory [in the stock], except for, maybe, [CEO Roz] Brewer,” Cramer said. “I wish her the best, but Walgreens has been a real bow-wow.”

McCormick

  • Q2 2021 earnings release: 6:30 a.m.; conference call: 8 a.m.
  • Projected EPS: 62 cents
  • Projected revenue: $1.46 billion

“We’re still cooking today, but with restaurants reopening all over the place, people are going out more and more … huge pent-up demand,” he said. “McCormick’s up against some tough comparisons versus last year.”

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