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Stock Market Today With Jim Cramer: Walmart, Back-to-School Picks

Walmart is scheduled to report its quarterly results next week and Jim Cramer is closely following the potential stock reaction.

Walmart Will Be the Test Next Week

Walmart  (WMT) - Get Walmart Inc. Report is scheduled to report its quarterly earnings next week, but TheStreet's Jim Cramer is worried that any earnings beat is already priced into the stock. 

Walmart's stock has "very quickly" moved to the $150 area from $139, and that could mean that its quarterly release is already priced in. 

"I think that Walmart will be the test. The question is did it steal from the quarter and I don't know the answer but I am concerned about that," Jim Cramer said from the floor of the New York Stock Exchange Friday. 

Analysts are expecting Walmart to report second-quarter earnings of $1.57 a share on revenue of $136.8 billion, according to FactSet. The revenue figure is a slight decline from the year-earlier level. 

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Back-to-School Shopping Will Be Big

During a recent episode of TheStreet Live, Jim Cramer outlined the four stocks he sees as benefitting from consumers heading to the stores loaded up with the child tax credit: Simon Property Group  (SPG) - Get Simon Property Group, Inc. Report, American Eagle Outfitters  (AEO) - Get American Eagle Outfitters, Inc. Report, Levi Strauss  (LEVI) - Get Levi Strauss & Co. Class A Report and Dick's Sporting Goods  (DKS) - Get Dick's Sporting Goods, Inc. Report.

"I think that shopping is back, and back big. There's a considerable number of people who are simply not afraid (of the Delta variant)," Cramer said.  

Last week, the ADP reported that the U.S. private sector added 330,000 jobs in July versus consensus expectations of 695,000.