Entering the last trading day of the third quarter on Friday, investors are now looking forward to the fourth quarter and wondering what to expect. So far, the recent earnings reports have all been "extraordinary," according to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio

Speaking from the floor of the New York Stock Exchange, Cramer explained that PepsiCo (PEP) - Get Report and Accenture (ACN) - Get Report showed impressive revenue growth, while ConAgra Foods (CAG) - Get Report found a way to boost margins via a reorganization.

PepsiCo is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells PEP? Learn more now.

However, all the broader media seems to talk about is the dampening earnings situation. Too often they look at the market as a whole, which is weighed down by one or two sectors that are really, really struggling, Cramer explained. 

Likewise, they often overlook the areas of the market that are doing really, really well, he said. 

In that regard, "I think earnings are going to be OK," Cramer concluded. 

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At the time of publication, Cramer's Action Alerts PLUS had a position in PEP.