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NEW YORK (TheStreet) -- The drama in Greece is far from over, so investors must remain cautious, Jim Cramer told his Mad Money viewers on Friday. At some point this "financial hostage crisis" will end, he said, but that doesn’t mean it will have a positive impact on stocks, he said.
That's why his game plan begins Monday, when he’ll be watching European stocks to see how the current drama will impact U.S. stocks. Cramer is also watching Sonic (SONC), which reports earnings after the close. “I expect Sonic to report a solid quarter,” he said, praising the company’s buyback program.
Durable goods data will be released on Tuesday. If there’s a Greek deal and the data are good, there could be a selloff in stocks as investors speculate on a potential rate hike. Carnival (CCL) and Darden Restaurants (DRI) also report earnings. Cramer said Darden appears to be turning the corner in its turnaround efforts.
Accenture (ACN) reports earnings on Thursday and has been very consistent. Look for more of the same, Cramer said. Nike (NKE) also reports earnings. After hitting a new all-time high, investors who are not long the stock should wait for a pullback before getting long, despite the impressive growth. Micron (MU) reports as well, and the stock may be near a bottom, Cramer said.
Finally, on Friday, Finish Line (FINL) reports earnings. Last quarter’s results were weak, but don’t expect that this time, Cramer said. However, he’s more bullish on Nike, Under Armour (UA) and Foot Locker (FL).
Cramer on Fitbit
Cramer turned his attention to Fitbit (FIT), which he called, “one of the hottest IPOs of the year.” After surging 50% in its first day of trading, the stock tacked on another 9.5% on Friday. Despite the big rally, Cramer says the stock is still worth buying
Why? Because Fitbit has unbelievable growth and is already profitable, which is a big deal for a newly public company.
Last year, revenue surged 175%, as the company sold 10.9 million devices. While this is impressive, the first quarter of 2015 was even stronger, with revenue growth in excess of 200%, while earnings grew nearly 450%. Margins also expanded, Cramer said.
While competition from companies like Apple (AAPL), a holding in Cramer's charitable trust, Action Alerts PLUS, could negatively impact Fitbit, it doesn’t seem likely since the target market is so different, he explained.
The valuation is attractive, too. GoPro (GPRO) and Under Armour (UA) both have slower growth rates, yet have higher valuations that Fitbit. If Fitbit traded with the same valuation as Under Armour, it would be $72. While Cramer doesn’t think it will go that high, he called Fitbit “one of the cheapest growth stocks I’ve ever seen.”
“This a real company with real earnings,” Cramer said, and despite the big rally the stock is still a bargain.