Jim Cramer Is Watching J.C. Penney's Second Quarter Results Friday

TheStreet's Jim Cramer is keeping an eye on J.C. Penney (JCP) as the retailer prepares to release its latest quarterly results before the opening bell on Friday. Cramer tells investors to be careful with JCP. He explains that 'J.C. Penney looks very much like Kohl's and that is disconcerting.' Kohl's delivered a disappointing quarter Thursday morning. The discount retailer posted second-quarter earnings that missed analysts' estimates with earnings per share coming in at $0.66 where analysts had been expecting $1.16 a share. Cramer says he was 'quite upset because this is a company that had been on the come back trail, now the stock is all the way back, it's a total round trip.' As for J.C. Penney, analysts are expecting the company to post a loss of $0.48 a share on revenue of $2.86 billion. J.C. Penney posted a loss of $0.75 a share in the same period a year ago.