There's a lot to like in this week's earnings reports, Jim Cramer announced to his Mad Money viewers Monday, after welcoming them back to Cramerica after an Olympic-induced hiatus. Cramer wasted no time getting back to business with this week's game plan.
Cramer said he'll be watching both Macy's (M) - Get Macy's Inc Report and AutoZone (AZO) - Get AutoZone, Inc. Report tomorrow, along with Workday (WDAY) - Get Workday, Inc. (WDAY) Report , Square (SQ) - Get Square, Inc. Class A Report and EOG Resources (EOG) - Get EOG Resources, Inc. (EOG) Report . He was bullish on Macy's and Workday, but told viewers to let AutoZone shares cool off and steer clear of all the oil stocks. Cramer was bullish on the upcoming JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. (JPM) Report analyst meeting, where he expects to hear good things.
Wednesday brings earnings from Lowes (LOW) - Get Lowe's Companies, Inc. (LOW) Report and TJX Companies (TJX) - Get TJX Companies Inc Report and also Salesforce.com (CRM) - Get salesforce.com, inc. Report . Cramer was bullish on Lowes and rival Home Depot (HD) - Get Home Depot, Inc. (HD) Report , as well as on Salesforce. TJX however, has been hit or miss recently, he added. Honeywell (HON) - Get Honeywell International Inc. (HON) Report also hosts an analyst meeting Wednesday and Cramer said this company has a terrific CEO.
The earnings continue on Thursday with Best Buy (BBY) - Get Best Buy Co., Inc. Report , Kohl's (KSS) - Get Kohl's Corporation (KSS) Report and Nordstrom (JWN) - Get Nordstrom, Inc. (JWN) Report . Cramer was bullish on all three. Also on Thursday, VMWare (VMW) - Get VMware, Inc. Class A Report , a long-time Cramer fav.
Finally on Friday, the retail earnings continue with a resurgent Foot Locker (FL) - Get Foot Locker, Inc. Report and JC Penney (JCP) - Get J. C. Penney Company, Inc. Report , which is up against a lot of increased competition.
Beyond earnings, Cramer said all eyes will be on new Federal Reserve chair Jerome Powell, who will be testifying before Congress for the first time.
What Happened During the Olympics?
So what'd you miss in the markets if you were only watching the Olympics? Cramer said two weeks ago, stocks seemed like they were in dire straights, as negativity swelled. But in reality, much of the weakness was caused by traders using margin to bet on market volatility staying benign. When volatility spiked, these investors were flushed out of their positions with swift and sizable consequences.
Now that the market has returned to reality, the fact is that business remains pretty good. The Trump agenda of regulation rollbacks and big tax cuts for businesses is working, and the market's leadership has expanded from just tech and dividend stocks to now include cyclicals like Boeing (BA) - Get Boeing Company Report , Caterpillar (CAT) - Get Caterpillar Inc. Report and others.
Cramer said he's begin to swap out of dividend stocks in favor of these cyclical growth names. There are more buys than sellers in this market, he added, but timing is more important than ever.
General Mills and Blue Buffalo
With the market rebounding at lightning speed, you might feel like you missed the move. But Cramer said there is one stock that's been left behind and that's General Mills (GIS) - Get General Mills, Inc. (GIS) Report , which announced on Friday it's buying pet food maker Blue Buffalo (BUFF) for $8 billion.
Shares of General Mills fell on the news, but Cramer said that makes General Mills a screaming buy, as the acquisition is a brilliant move.
The humanization of pets is a long-term theme that Cramer has been behind for years, and Blue Buffalo, with its American-made natural and organic products, is at the forefront of that trend. The company has double-digit sales growth but just 3% market share.
But General Mills is also on the upswing, with strong growth last quarter and a solid track record of making great acquisitions, like Annie's, which was also in the natural and organic space.
With shares having already fallen big since the announcement, Cramer said this stock has been unjustly punished and is now way too cheap to ignore.
Executive Decision: Novocure
For his "Executive Decision" segment, Cramer sat down with Bill Doyle, chairman at Novocure (NVCR) - Get Novocure Ltd. Report , the biotech using tumor-treating field technology to disrupt the spread of brain cancer cells in the body. Shares of Novocure are off 10% from their January highs.
Doyle explained that their latest data are showing the 5-year survival rates of patients hitting 30%, up from just single digits a few years ago. Beyond that, patients' quality of life has greatly been improved in what would otherwise be a degenerative disease.
When asked what was next for the company, Doyle said they are still in the early days of treating brain cancer, as Novocure just received reimbursement approvals in Japan, for instance. Novocure is also exploring their technology with other cancers like lung, pancreatic and even ovarian cancers.
Cramer said that Novocure is a company that is not only doing well, but also doing good for so many people.
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In his "No-Huddle Offense" segment, Cramer said while the stock market has recovered during the Olympics, the cause of this year's plunge still leaves reasons for concern.
This quarter's strong earnings should put the rest the argument that stocks were "overvalued," as many pundits would like you to believe. The real cause for the plunge was January's non-farm payroll numbers, which hinted at just enough wage inflation to spike bond yields and add enough volatility to the markets -- where those who bet against volatility were caught on the wrong side of the trade.
Cramer said he's railed against these levered ETF products for years, warning that even the pros don't truly understand what these instruments actually do.
The risks of market manipulation or a complete market breakdown, like we just saw, are far too high. These products should never have been approved in the first place, he said, and there should be an investigation into their role in the meltdown we just experienced.
In the Lightning Round, Cramer was bullish on STMicroelectronics (STM) - Get STMicroelectronics NV ADR RegS Report , PetMed Express (PETS) - Get PetMed Express, Inc. Report , Idexx Laboratories (IDXX) - Get IDEXX Laboratories, Inc. (IDXX) Report and Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report .
Over on Real Money, Cramer says, you want a cyclical? You need a disappointment to get in one. Get more of his insights with a free trial subscription to Real Money.
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At the time of publication, Cramer's Action Alerts PLUS had a position in APA, AGN, HON, JWN and JPM.