It's Monday and it's going to be a very busy earnings week.
However, Jim Cramer has his eye on Tesla (TSLA) - Get Tesla Inc. Report, which was declining upwards of 4% as of early trading Friday. Calling Tesla a bellwether, Cramer said negative sentiment in the stock can be felt across the EV, clean energy and solar sectors.
"Everything is hinging on this stock," Cramer said.
Recap Monday's episode of TheStreet Live with Jim Cramer and Katherine Ross in the video above and be sure to catch TheStreet Live every weekday at 10:30 a.m. ET:
Let's Kick it Off With GameStop
First, CEO George Sherman plans to step down on July 31 or potentially sooner if the company is able to find a replacement. This follows a Reuters report from last week which stated that the company had begun its search for a new CEO.
And then there's Keith Gill, aka Roaring Kitty or DeepF---ingValue posted a screenshot of his portfolio which showed that he exercised 500 GameStop call options expiring on Friday at a strike price of $12, which gives him 50,000 more shares.
Had Roaring Kitty not doubled down on GameStop, based on Friday's price, he could have made around $7 million.
TheStreet's M. Corey Goldman noted that Gill also bought another 50,000 shares of the videogame retailer, doubling his holdings to 200,000 shares from 100,000 at the beginning of the month, according to reports. His total investment in GameStop is now worth more than $30 million.
It's Earnings Season!
On Friday, TheStreet's Scott Rutt wrote in his Mad Money recap, "Next week marks the beginning of the real earnings season, Jim Cramer told his Mad Money viewers Friday. That's when we'll start to see the true impacts of inflation and the economic reopening. Inflation is surely a negative, Cramer said, but the reopening is so strong, it will likely carry us through."
"Cramer's game plan starts on Monday when we'll get earnings from Coca-Cola (KO) - Get Report, United Airlines (UAL) - Get Report and IBM (IBM) - Get Report. Coke has no snack business, but should still do well as restaurants reopen. United will win as travel resumes. As for IBM, it's still too early to tell if business is turning around," he continued.
So, let's check in with Cramer and get his thoughts on earnings season so far.