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NEW YORK ( TheStreet) -- Be careful, it's no longer easy to make money in this market, Jim Cramer warned "Mad Money" viewers Friday as he laid out his game plan for next week's trading. Cramer said the market will be awaiting the result of the Federal Reserve meeting that begins Tuesday and ends on Wednesday. The last time the Fed spoke, it was a wake-up call to the markets, he said, and he hopes this time the markets are greeted with more tepid comments. If not, be prepared for more ugliness. Beyond the Fed on Wednesday, Cramer said he'll also be watching the Empire State Fed survey on Monday, where he expects to see numbers that show the economy can't support interest rates that are as high as they are today. The U.S. is still doing better than the rest of the world, he said, but rates have run too far too fast. On Wednesday, Cramer will also be listening for FedEx ( FDX) and Micron Technologies ( MU). FedEx will either be praised for great results or obliterated for any signs of global weakness. Micron will offer a read on the state of technology, as just about everything electronic now uses the company's memory chips. Thursday brings earnings from Kroger ( KR), the grocery chain that's knocking it out of the park with private label products, and Pier 1 Imports ( PIR). Cramer said that he still prefers Whole Foods Markets ( WFM) over Kroger, but expects Pier 1 to do well after Restoration Hardware ( RH) saw huge gains in same-store sales. Finally, on Friday it's Darden Restaurants ( DRI) and CarMax ( KMX) reporting. Cramer said he wants to hear if consumers are cutting back on eating out and if they're still hot for all things auto.
Profitable CovidianBreaking up is not only easy to do, it's profitable too, Cramer reminded viewers, as he followed up on a corporate spinoff that's taking place soon. He said shares of Covidian ( COV) are already up 57% since he first got behind the company in late-2011, but now that the spin off of its pharmaceutical business, Mallinckrodt, is at hand, there's still a lot more value to be had.
Speculation FridayFor "Speculation Friday," Cramer turned the spotlight onto W.R. Grace ( GRA), a company whose shares have risen 23% so far this year despite the fact that it's been in bankruptcy since 2011. Cramer explained that Grace was forced into bankruptcy due to asbestos litigation that is now in its final stages. The bankruptcy is a blessing in disguise, however, because many mutual funds aren't allowed to own companies in bankruptcy. That means when Grace emerges as a new company in the fourth quarter there should be a ton of pent-up demand for the stock. W.R. Grace is a specialty chemical maker made up of three divisions, Cramer continued. Its catalyst technology division makes additives for the oil and refining business as well as for chemical makers. It also has a construction products business and a materials technology segment that is similar to PPG ( PPG) in making coatings. Grace has always been a best of breed company with tons of pricing power, said Cramer. When it comes out of bankruptcy free of litigation, it will sport a lean balance sheet as well as the ability to offer shareholders a dividend. How much is W.R. Grace worth? Cramer said adding up all the parts and subtracting the debt yields an $8 billion company, or $105 a share, which is a full 26% higher than where it trades today. Cramer said he expects shares to reach their full potential in just months after the bankruptcy is behind them.