CNBC’s Jim Cramer told investors on Monday that a key labor report could help drive the Federal Reserve’s inflation strategy.
“We need to see the unemployment rate rise while wages hold steady and we get meaningful layoffs in some industries. If that doesn’t happen, if the numbers are really strong, the Fed chief will come out of the woodwork and Will start.” talking about how we need more substantial rate hikes,” he said.
Shares declined on Monday to start the week Protest against Covid restrictions in China that broke over the weekend.
According to Cramer, the Labor Department is set to release the November nonfarm payrolls report on Friday and markets could have a rough week ahead. “Seasonally, it weakens a bit before things really start to pick up again in December,” he said.
He also previewed next week’s slate of earnings. All earnings and revenue estimates are courtesy of FactSet.
Tuesday: Workday, CrowdStrike
- Q3 2023 Earnings to be Released at 4 PM ET; Conference Call at 4:30 PM ET
- Estimated EPS: 84 cents
- Estimated revenue: $1.59 billion
Cramer predicted that it would be difficult for the company to top its last “spectacular” quarter.
- Q3 2023 Earnings to be Released at 4:05 PM ET; Conference Call at 5 PM ET
- Estimated EPS: 48 cents
- Estimated Revenue: $788 million
He said he’s interested to see if the company can transform from a pure growth play into a profitable growth name.
Wednesday: Hormel Foods, Petco, Salesforce, Okta
- Q4 2022 Earnings to be Released at 6:30 am ET; Conference Call at 9 PM ET
- Estimated EPS: 50 cents
- Estimated revenue: $3.38 billion
Cramer said Hormel could follow other food stocks that have stopped moving down.
- 2022 Third Quarter Earnings Release at 7:30 AM ET; Conference Call at 8:30 AM ET
- Estimated EPS: 16 cents
- Estimated Revenue: $1.49 billion
He said he worries the company will deliver disappointing results.
- Q3 2023 Earnings to be Released at 4:05 PM ET; Conference Call at 5 PM ET
- Estimated EPS: $1.22
- Estimated Revenue: $7.83 billion
Cramer said he doesn’t expect co-CEO Marc Benioff to “tolerate” the fact that the stock is one of the worst performers on the Dow Jones Industrial Index.
- Q3 2023 Earnings to be Released at 4:05 PM ET; Conference Call at 5 PM ET
- Estimated loss: Loss of 8 cents per share
- Estimated Revenue: $591 million
“Like many companies in Silicon Valley, I think Okta needs to learn to live with less. [workers],” They said.
Thursday: Dollar General, Kroger, Ulta Beauty, Marvel Technology
- Q3 2022 Earnings to be Released at 6:55 am ET; Conference Call at 10 AM ET
- Estimated EPS: $2.54
- Estimated Revenue: $9.42 billion
Cramer pointed out that while analysts like the stock, the products at the company’s stores are more expensive than before.
- Q3 2022 Earnings to be Released at 8 AM ET; Conference Call at 9 PM ET
- Estimated EPS: 82 cents
- Estimated revenue: $33.99 billion
He added that while the company is likely to deliver a good quarter, people will only care about the status of the company’s planned merger with Albertsons.
- Q3 2022 Earnings to be Released at 4 PM ET; Conference Call at 4:30 PM ET
- Estimated EPS: $4.13
- Estimated revenue: $2.21 billion
Cramer said he expects huge earnings from the company.
- Q3 2023 Earnings to be Released at 4:05 PM ET; Conference Call at 4:45 PM ET
- Estimated EPS: 71 cents
- Estimated Revenue: $1.80 billion
While he believes in the stock, it likely won’t move higher until the industry-wide chip glut is resolved, he said.
Disclaimer: The Cramer Charitable Trust holds shares of Salesforce.