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Watch for earnings from oil and gas outfits

The bears tried to scare us, but it wasn't good enough, says Jim Cramer

CNBC’s Jim Cramer on Friday provided insight into next week’s Wall Street happenings. He said he’ll be paying close attention to several quarterly earnings reports, especially from oil and gas companies.

He also lauded this week’s market action, saying that next week may not be as strong, but it could still be an opportunity for the “bullish herd to continue to thunder if interest rates stay under control.

“Now, we will not be oversold next week like we were when we came in on Monday, so I don’t expect the kind of strength we got this week,” Cramer said. “So, if you have some positions you don’t like, it’s time to [sell, sell, sell!].”

On Monday, Cramer said he’ll be waiting to hear earnings results from Coterra and Diamondback Energy, both oil and gas companies he likes. Tuesday he’ll be watching reports from Emerson Electric as well as energy drink maker Celsius. Cramer also pointed to two more oil companies reporting after Tuesday’s close, Devon and Occidental. Devon may be disappointing, he said, but added that investors will make money on Occidental as long as Warren Buffett continues to buy its shares.

Wednesday will bring a report from Warner Bros Discovery. Cramer said the company will need to show continued debt paydown as well as new programming, but added that he has confidence in CEO David Zaslov. He said he’s also interested in a report from Kellanova, a Kellogg spinoff focused on snacks. The company’s report could show whether the snacking industry is looking at headwinds due to the increasing popularity of anti-obesity drugs, he said. Disney reports after close, and Cramer said it’s important the company indicates it has strategic partners with whom it can conduct business.

On Thursday, Cramer said he will be keeping an eye on Trade Desk, which could report a decent quarter after the close. However, he said he’s pessimistic about the stock of biotech company Illumina, which also reports on Thursday. Poor results from Illumina may bring down peers Thermo Fisher and Danaher, he said. Friday, Cramer said he will look at the Michigan Consumer Sentiment Index, which could provide some insight into the Federal Reserve’s fight against inflation.

The bears tried to scare us, but it wasn't good enough, says Jim Cramer

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Coterra and Danaher.

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