This market has rallied too far, too fast, Jim Cramer told his Mad Money viewers Friday. And even after the day's declines, it is still overbought. Cramer said he's hoping the markets continue to cool off next week, which is why his game plan includes a healthy dose of caution.
The week begins on Monday with earnings from Tyson Foods (TSN) - Get Report and semiconductor maker Skyworks Solutions (SWKS) - Get Report. Cramer said Tyson had been in the sweet spot, but is now suffering from plant closures. Meanwhile, Skyworks remains the only pure-play on 5G wireless.
On Tuesday, we hear more from Regeneron (REGN) - Get Report about the first tool in our COVID-19 toolbox. We also get earnings from Walt Disney (DIS) - Get Report, which is benefiting from Disney+, but also suffering from closed theme parks and an ESPN with no live sports. Occidental Petroleum (OXY) - Get Report will report on Tuesday as well, but Cramer was not a fan.
Next, on Wednesday, CVS Health (CVS) - Get Report will be reporting along with General Motors (GM) - Get Report, Waste Management (WM) - Get Report and Shopify (SHOP) - Get Report. Cramer was bullish on CVS and Shopify, but said auto sales will continue to suffer as will trash pickup.
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Executive Decision: Clorox
In his first "Executive Decision" segment, Cramer spoke with Benno Dorer, chairman and CEO Clorox (CLX) - Get Report, the disinfectant maker that posted a strong 22-cents-a-share earnings beat and raised their full-year guidance.
Dorer said that Clorox had a great quarter that was delivered in the right way. Despite unprecedented demand, the company did not raise prices and prioritized their products to the front lines of battling COVID-19. Dorer added that their top priority is keeping their employees safe, followed closely by meeting the world's demand for disinfectants.
When asked about demand, Dorer admitted that this is uncharted territory for Clorox and they're experiencing unprecedented demand. Disinfectant demand surged 500%, he said, and no supply chain can handle that. Clorox was able to increase their output by 40%, however, and the company is making investments in future capacity expansion.
Dorer noted that there was demand for more than just cleaning products. All four of the company's reporting segments saw growth as people grilled more at home, cooked more at home and used more trash bags.
Executive Decision: Estee Lauder
Freda said consumer demand is driving Estee Lauder's growth and customers have found ways to buy their products online when they couldn't buy them in stores. He said overall, consumers are buying more skincare products, not just for beauty but also for wellness. People want to indulge in simple, affordable things and that's what skincare provides.
When asked about China after their economy reopened, Freda explained that demand was strong, with recovery starting online and expanding out to brick and mortar retail.
Freda said Estee Lauder is doing its part to help fight COVID-19. The company has begun manufacturing hand sanitizers in Europe and is donating money to support its employees and their families around the globe.
Executive Decision: Seattle Genetics
Seigal said that Seattle Genetics is a company that focuses on science first and they have a great passion for treating cancer patients. He said their drug for metastatic bladder cancer is in its first full quarter of sales and doctors are embracing it as the leading treatment for what has historically been a very bad disease. The continue clinical trials both in the U.S. and globally to see the drug used as front-line treatments.
Seigal was also bullish on Tukysa, the company's breast cancer treatment, which received FDA approval this month for advanced-stage HER2-positive breast cancer. He said the trials have been very promising and he expects the drug to go global soon.
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Cramer said Amazon reported blowout sales but disappointing earnings, but that was by design. He would use this weakness as a buying opportunity. As for Apple, Cramer said the company was right to suspend their guidance given this level of uncertainty.
Finally, Cramer said he's a buyer of AMD. The company's demand is strong and only getting stronger in PCs, gaming and the data center.
Here's what Jim Cramer had to say about some of the stocks that callers offered up during the Mad Money Lightning Round Friday evening:
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At the time of publication, Cramer's Action Alerts PLUS had a position in TSN, DIS, CVS, BMY, CLX, AMZN, AAPL.