CNBC’s Jim Cramer on Monday said that most of the sellers have already left the market, meaning that the turbulence in stocks could ease up.
“To me, this mad scramble to get out ahead of the negativity is a sign that the bad news … is mostly baked in,” he said.
“Everybody’s scrambling to get out of this market ahead of everybody else, but at this point, I think many people who were going to sell have already gone, which means we could get some pleasant surprises going forward,” he added.
The major indices fell Monday ahead of a jam-packed week of corporate earnings,
The “Mad Money” host said he has his eyes on the Consumer Price Index, Producer Price Index and retail sales numbers coming out this week.
“I think those figures will be too hot. … But I also expect some early signs of cooling,” he said.
“These data points are what everyone’s afraid of. And when everyone’s petrified, it tends to be a non-story, with buyers coming in after the big bad event passes,” he added.
He also reviewed this week’s slate of earnings. All earnings and revenue estimates are courtesy of FactSet.
Tuesday: PepsiCo
- Q2 2022 earnings release at 6 a.m. ET; conference call at 8:15 a.m. ET
- Projected EPS: $1.74
- Projected revenue: $19.51 billion
Cramer said he has faith the beverage giant will tell a good story since input costs including corn and aluminum are coming down in price.
Wednesday: Delta Air Lines
- Q2 2022 earnings release at 6;30 a.m. ET; conference call at 10 a.m. ET
- Projected EPS: $1.66
- Projected revenue: $12.25 billion
Consumers aren’t done spending money on travel, Cramer predicted.
Thursday: JPMorgan Chase, Morgan Stanley, Conagra Brands, Cintas
JPMorgan Chase
- Q2 2022 earnings release at 7 a.m. ET; conference call at 8:30 a.m. ET
- Projected EPS: $2.92
- Projected revenue: $31.81 billion
Morgan Stanley
- Q2 2022 earnings release at 7:30 a.m. ET; conference call at 9:30 a.m. ET
- Projected EPS: $1.57
- Projected revenue: $13.44 billion
Cramer said he likes JPMorgan Chase and Morgan Stanley ahead of their quarters.
Conagra Brands
- Q4 2022 earnings release at 7:30 a.m. ET; conference call at 9:30 a.m. ET
- Projected EPS: 63 cents
- Projected revenue: $2.93 billion
“The value proposition is pretty compelling here, especially thanks to working from home,” he said.
Cintas
- Q4 2022 earnings release before the bell; conference call at 10 a.m. ET
- Projected EPS: $2.68
- Projected revenue: $2.01 billion
Cramer said recently, he’s only tuned into the company’s conference calls to check the pace of job creation.
Friday: Wells Fargo, Citigroup, BlackRock, UnitedHealth
Wells Fargo
- Q2 2022 earnings release at 7 a.m. ET; conference call at 10 a.m. ET
- Projected EPS: 83 cents
- Projected revenue: $17.54 billion
At the stock’s current price, “there is little to lose with Wells Fargo and a lot more to gain,” he said.
Citigroup
- Q2 2022 earnings release at 8 a.m. ET; conference call at 11 a.m. ET
- Projected EPS: $1.67
- Projected revenue: $18.34 billion
There are better banks to own than Citi, according to Cramer.
BlackRock
- Q2 2022 earnings release before the bell: conference call at 8:30 a.m. ET
- Projected EPS: $8.07
- Projected sales: $4.58 billion
Cramer said he likes BlackRock at its current price.
UnitedHealth
- Q2 2022 earnings release at 5:55 a.m. ET; conference call at 8:45 a.m. ET
- Projected EPS: $5.21
- Projected revenue: $79.68 billion
While he expects United Healthcare to turn out a great quarter, Cramer said he prefers Humana for the Charitable Trust.
Disclosure: Cramer’s Charitable Trust owns shares of Humana, Morgan Stanley and Wells Fargo.