Shares of Honeywell (HON - Get Report) are down Wednesday and that's got the attention of TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio.

Cramer said he is feeling more bullish on Honeywell ahead of its premarket earnings release on Friday after seeing United Technologies'  (UTX - Get Report)  results Wednesday. United Technologies beat earnings per share estimates, but did miss slightly on revenue expectations. Shares are up 2% in response. 

HON Chart
Honeywell HON data by YCharts

Honeywell has a lot of aerospace exposure, so there could have been some concerns following Boeing's (BA - Get Report) earnings report. Although the company beat on top- and bottom-line estimates, guidance came in below expectations, spooking investors and causing a 9.5% selloff. 

That doesn't have Cramer too worried right now. Should the Federal Reserve's afternoon press release spook investors even more and send stocks broadly lower, investors might be well off buying Honeywell ahead of Friday's earnings report, he concluded.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.