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Jim Cramer's 'Mad Money' Recap: Here's Next Week's Game Plan

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NEW YORK ( TheStreet) -- So far, this earnings season has been a good one, Jim Cramer said on  Mad Money Friday. That's why Cramer expects next week will be more of the same, with individual corporate earnings taking center stage.

On Monday, Cramer said he'll be watching the earnings from Merck (MRK) , a stock that could lift the old-line drug makers. Also on Cramer's radar will be Twitter (TWTR) , a stock he owns for his charitable trust, Action Alerts PLUS, and Buffalo Wild Wings (BWLD) , two long-term faves.

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Tuesday brings a host of earnings from DuPont (DD) , Parker-Hannifin (PH) , Facebook (FB) , another Action Alerts PLUS name, Gilead Sciences (GILD) , Panera Bread (PNRA) and McKesson (MCK) . Cramer is bullish on DuPont, Parker-Hannifin, Gilead and McKesson but advised trimming positions in Facebook and waiting until after earnings to buy into Panera.

Wednesday, all eyes will be on the Federal Reserve, Cramer said, but he'll be watching Wellpoint (WLP) , a big beneficiary of Obamacare.

Thursday earnings include Starbucks (SBUX) and GoPro (GPRO) . Cramer said he'd buy into Starbucks ahead of earnings but admitted that GoPro, while a great long-term story, is pricey at current levels.

Finally, on Friday, it's Chevron (CVX) and Exxon Mobil (XOM) reporting. Cramer said both of these oil giants will offer an honest read on where oil prices are likely headed.

Sell Palo Alto Networks

Sometimes when you have a big winner, it's time to declare victory and go home, Cramer told viewers. That's the case with Palo Alto Networks (PANW) , a stock that Cramer said it's now time to sell, sell, sell.

Cramer had been a backer of Palo Alto ever since its initial public offering, a full 158% ago. While he still feels that cybersecurity is a big business and Palo Alto is the best-of-breed player in that business, at $108 a share the stock has simply gotten too pricey.

Palo Alto now trades at 100 times earnings, and Cramer reminded viewers they should never pay more than twice a company's growth rate, which in this case is 42%.

But the big yellow flag for Cramer was a surge in insider selling, to the tune of $450 million. Insiders sell for a variety of reasons, Cramer said, but $450 million is a lot for any company.

Palo Alto also issued $500 million of convertible bonds back in June at a strike price of $110 share. With the stock now just two points from that level, Cramer said it's very likely that many of those shares will convert to stock, diluting current shareholders.

Add to that the fact that there are no analysts with a sell recommendation on Palo Alto and only four with holds, so the stock is now priced for perfection, Cramer concluded -- which is why it's time to ring the register before it hits $110.

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