NEW YORK (TheStreet) -- Jim Cramer is watching the airline group, which he said, "looks like it's on fire."
Delta reported earnings for its second quarter of fiscal 2015 on July 15th that were 93% higher on a per share basis than that of the company's second quarter of 2014. Delta, Cramer noted, is one of his favorite airline stocks.
Southwest, meanwhile, reported earnings on Thursday before the market open that were 47% higher than the same period last year on a per share basis.
With good reports from two of the airlines, Cramer said that "tomorrow is going to tell the tale," for the airline industry on the whole as Spirit Airlines (SAVE) - Get Report announces along with American Airlines (AAL) - Get Report before the open on Friday.
Although some say that Doug Parker, chairman and CEO of American Airlines, "may have started the price war by saying 'I'll compete,'" Cramer said "we need to hear Doug Parker say, 'You know what? I'm pulling back,''' and that American Airlines will not need to build any more routes.
If that is the case, said Cramer, then "AAL will follow suit with Delta and Southwest."
Cramer added that Southwest chairman and CEO, Gary Kelly, is "doing a miraculous job" at the Dallas-based airline.
Cramer ended by saying that "the focus is on the airlines," -- citing Delta specifically -- and reminded viewers that the transport stocks remain weak. Railroad company Union Pacific (UNP) - Get Report disappointed investors with its earnings report released Thursday morning before the opening bell. Its profit was 3% lower than earnings from the same quarter last year.
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.