What should investors look for when Macy's (M) reports earnings before the bell on Thursday?

According to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, this could be the last bad quarter from Macy's. Meaning, all of the bad news could finally be behind the company. 

Of course, that's not a guarantee, but there is that potential, he said from the floor of the New York Stock Exchange

However, Cramer said he's looking to J.P. Morgan analyst Matthew Boss, who's not all that optimistic on department stores in general and Macy's is no exception. 

Plus, Amazon (AMZN) just keeps doing such an unbelievable job growing. Given a choice between the two, Cramer prefers Amazon over Macy's. 

Analysts expect the company to earn 41 cents per share on $5.65 billion in sales. 

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

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