Cramer said the stock has been "kind of soggy" where usually a stock that is reporting spikes up. He doesn't want investors to sell on the spike but said at the moment he doesn't really care for the market. Interest rates going the wrong way and the U.S. dollar getting strong again, he said.
Rates are still fine for housing and the most recent data on new housing starts is good, Cramer added, and so he expects Lennar earnings to be good. However, he warned investors to be careful overall about the stock market.
The Commerce Department announced Tuesday that new home sales rose 2.2% in May. The rebound in the housing market has benefitted Lennar, with shares up more than 10% for the year to date.
Analysts are expecting the Miami company to post earnings of $0.64 and revenue of $2.02 billion for the quarter. Lennar has beaten the average analyst earnings estimate for the last 13 consecutive quarters.
In the first quarter, Lennar reported a backlog of more than 6,000 homes -- signaling pent-up demand, which Cramer said suggests Lennar will likely continue to do well. The company has an average analyst rating of hold and an average price target of $51.73. The homebuilder focuses on single-family attached and detached homes. It also provides mortgage financing, title insurance and closing services.