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Shares of Southwest Airlines (LUV) - Get Free Report have been on fire, up 15% in 2017 and up a whopping 50% over the past six months. The company will report earnings on Thursday before the bell.

The stock is really high quality, but after the rally it could be setting itself up for a pullback, TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, said from the floor of the New York Stock Exchange Wednesday. While a lot of investors seem to think Warren Buffett could take Southwest Airlines private, Cramer doesn't see it that way.

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

Still, Cramer really likes Southwest. The company has great routes and a lack of international routes keeps it out of nasty pricing wars. "It is a terrific story," he said.

Analysts expect Southwest to earn 63 cents per share on $4.92 billion in revenue.

Cramer turned his attention to Starbucks (SBUX) - Get Free Report , another Action Alerts PLUS portfolio set to report earnings on Thursday after the close. Cramer acknowledged that the portfolio had trimmed some of its Starbucks positions, given its recent run over the past few weeks.

Investors are now pricing in U.S. same-store sales growth of 5% to 6%, which would be quite the acceleration from the prior quarter. But Cramer is not necessarily in agreement. It seems as though there could be throughput issues for Starbucks' Mobile Order and Pay feature. Over time, it's more likely the stock pulls back by $3, before it appreciates another $10, he reasoned.

Analysts expect the company to earn 45 cents per share on $5.41 billion in revenue.

Finally, Cramer wanted to examine one more Action Alerts PLUS portfolio holding before earnings, that being Alphabet (GOOGL) - Get Free Report . The company is scheduled to report after the close on Thursday.

Cramer had a lot of confidence in Alphabet, even when the stock was being hit last month over its controversial ad lineup on YouTube. But at the end of the day, YouTube is the premiere website for online videos and companies will continue to place ads there. Alphabet's other businesses — like its self-driving car unit Waymo — continue to show promise and do well, he added.

Unfortunately for the stock, Alphabet is one that tends to rally into earnings, Cramer said, meaning the stock could pullback. On the plus side though, that gives investors a potential buying opportunity.

Analysts expect the company to earn $7.40 per share on $24.22 billion in revenue.

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At the time of publication, Cramer's Action Alerts PLUS had a position in SBUX, LUV and GOOGL.