Next week will be packed with earnings, Jim Cramer told his Mad Money viewers Friday. That's why he recommended investors just stop, look and listen -- but refrain from buying until all of the dust settles.
Cramer's game plan for next week begins on Monday with earnings from Halliburton (HAL) - Get Halliburton Company (HAL) Report and TD Ameritrade (AMTD) - Get TD Ameritrade Holding Corporation Report . Cramer said he's not a fan of fossil fuels and feels that no-commission trading could take a bite out of Ameritrade.
Next, on Tuesday, Cramer said he like Procter & Gamble (PG) - Get Procter & Gamble Company Report , McDonalds (MCD) - Get McDonald's Corporation (MCD) Report and Kimberly-Clark (KMB) - Get Kimberly-Clark Corporation (KMB) Report , but thought the best earnings would come from United Technologies (UTX) - Get United Technologies Corporation Report and Chipotle Mexican Grill (CMG) - Get Chipotle Mexican Grill, Inc. Report .
Wednesday's onslaught of earnings includes Boeing (BA) - Get Boeing Company Report , which should find a bottom soon, according to Cramer, along with Waste Management (WM) - Get Waste Management, Inc. Report , Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report and Thermo-Fisher Scientific (TMO) - Get Thermo Fisher Scientific Inc. Report , three stocks which Cramer recommended. He also noted that Caterpillar (CAT) - Get Caterpillar Inc. Report , an Action Alerts PLUS holding, will likely go lower after it reports, but then move higher.
Rounding out the week is Danaher (DHR) - Get Danaher Corporation Report and Amazon (AMZN) - Get Amazon.com, Inc. Report on Thursday, followed by Anheuser Busch (BUD) - Get Anheuser-Busch InBev SA/NV Sponsored ADR Report and VF Corp (VFC) - Get V.F. Corporation Report on Friday. Cramer said Amazon can be bought any time the company is investing in itself and shares fall, but VF Corp should be bought on any weakness.
A Tale of Two Stocks
The markets were led lower by Boeing (BA) - Get Boeing Company Report and Johnson & Johnson (JNJ) - Get Johnson & Johnson (JNJ) Report , Cramer told viewers, but while Boeing will eventually recover, Johnson & Johnson may be another story.
Cramer said today's allegations that Boeing execs may have known about problems with the 737Max were indeed scathing. But eventually, he said, the plane will be fixed and shares will recover. The recall at Johnson & Johnson however, is another story. The company is already mired in lawsuits surrounding its baby powder. If today's recall does indeed find contaminants, Cramer said that would be too much for him to continue to recommend the stock.
On Friday, Johnson & Johnson said it was starting a voluntary recall in the U.S. of a single lot of its Johnson's Baby Powder in response to a U.S. Food and Drug Administration test indicating the presence of sub-trace levels of chrysotile asbestos contamination (no greater than 0.00002%) in samples from a single bottle purchased from an online retailer. Read the company news release here.
Cramer also offered an update on FAANG, his acronym for Facebook (FB) - Get Facebook, Inc. Class A Report , Apple (AAPL) - Get Apple Inc. (AAPL) Report , Amazon, Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report and Alphabet (GOOGL) - Get Alphabet Inc. Class A Report . After yesterday's disappointment from Netflix, he suggested swapping that stock for Microsoft.
Find out what Cramer and the AAP team are telling their investment club members about Johnson & Johnson and get in on the conversation with a free trial subscription to Action Alerts Plus.
What Boosted the Banks?
One of the biggest lessons from this week's earnings was that the banks are not dead after all. Cramer said the banks should have seen awful earnings with an inverted yield curve, but instead, great management and execution saved the day.
Shares of JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. (JPM) Report were up 3.8% this week on solid earnings, making it Cramer's top pick. Citigroup (C) - Get Citigroup Inc. Report was his favorite value bank, as the company beat on earnings but still trades just above its book value.
Cramer said Wells Fargo (WFC) - Get Wells Fargo & Company Report remains complicated, as the bank's new CEO needs time to prove himself. He said it's hard to get behind Wells Fargo when Citigroup is better and cheaper. The same applies to Bank of America (BAC) - Get Bank of America Corp Report , which also had strong earnings. Cramer said while Bank of America is great at just 10 times earnings, JPMorgan is even better.
Continuing with his analysis on the financials, Cramer looked into the earnings of Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. (GS) Report , Morgan Stanley (MS) - Get Morgan Stanley (MS) Report and American Express (AXP) - Get American Express Company Report .
Cramer said Goldman delivered solid earnings in a less-than-stellar environment. The company's partnership with Apple led to the most successful credit card launch ever. Cramer said Goldman remains an attractive investment and a value play with a 2.4% dividend yield. Morgan Stanley was also strong, but not Cramer's favorite. He said Morgan's capital management business was the highlight of Morgan's results, up 17%.
Finally, the markets didn't like the earnings from American Express, but Cramer said that's only because expectations had gotten too high. He said the weakness is giving investors a buying opportunity as they trade for just 13 times earnings.
On Real Money, Cramer keys in on the companies and CEOs he knows best. Get more of his insights with a free trial subscription to Real Money.
Stormy Forecast for Cloud Kings
In his "No-Huddle Offense" segment, Cramer said it's been a brutal week for the cloud stocks. Investors panned Workday (WDAY) - Get Workday, Inc. (WDAY) Report after the company indicated it was moving into a new vertical earlier this week. Meanwhile, Coupa Software (COUP) - Get Coupa Software, Inc. Report saw its shares clobbered as investors continued to rotate money out of the group.
Downgrades at Adobe Systems (ADBE) - Get Adobe Inc. Report and ServiceNow (NOW) - Get ServiceNow, Inc. Report sent those stocks markedly lower. And even cloud king Salesforce.com (CRM) - Get salesforce.com, inc. Report dipped as co-CEO Marc Benioff kicked off a book tour that raised questions for shareholders.
Cramer said other than Salesforce, he'd stay away from the cloud names until we hear something positive to change investors' minds.
Cramer was bearish on Cypress Semiconductor (CY) - Get Cypress Semiconductor Corporation Report , Abiomed (ABMD) - Get ABIOMED, Inc. Report , Beyond Meat (BYND) - Get Beyond Meat, Inc. Report and Texas Instruments (TXN) - Get Texas Instruments Incorporated Report .
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At the time of publication, Cramer's Action Alerts PLUS had a position in JNJ, MSFT, CAT, AMZN, FB, GOOGL, JPM, C, GS, AAPL, CRM.