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Here’s Jim Cramer’s advice on how to navigate this season of uncertain earnings.

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Wall Street’s reporting season is in full swing, and CNBC’s Jim Cramer said on Monday that investors would be wise to take a wait-and-see approach to stocks in companies that are about to publish quarterly reports.

“In this environment, it will always be unsteady up and easy down because the bears… have the advantage. Just keep in mind that you should never buy this market when it is rising. It’s a fool’s game. you wait for weakness as we [Monday] before you ever pull the trigger,” the Mad Money host said from the floor of the New York Stock Exchange, the show’s new home of broadcasting.

“If you’re thinking about buying something that’s about to be announced, why not wait until you hear what they have to say?” Kramer continued. He pointed to IBM as a prime example.

As of Monday’s close, IBM was one of seven stocks in the 30-stock Dow Jones Industrial Average that have risen since the start of the year. However, the stock fell nearly 4% in extended trading on Monday after the company cut its cash forecast for 2022 even though its second-quarter results beat the top and bottom lines.

“If you bought it before the start of the quarter, you rolled the dice at a casino that is not blindfold friendly,” Cramer said.

With that in mind, Cramer announced a number of other important earnings reports that are scheduled for the rest of this week. All earnings and earnings estimates are provided by FactSet.

Tuesday: J&J, Halliburton, Lockheed Martin and Netflix.

Johnson and Johnson

  • Second Quarter Income Statement at 6:45 AM ET; Conference call at 8:30 AM ET
  • Projected earnings per share: $2.54.
  • Projected sales: $23.77 billion.

Cramer, whose charitable foundation owns shares in J&J, said he expects good results from the pharmaceutical giant, even as the company is working on splitting into two separate companies. He noted that J&J’s stock has lagged behind rivals this year, including Bristol-Myers Squibb and Merck.

Halliburton

  • 2nd quarter earnings report before the call; conference call at 9 am ET
  • Projected earnings per share: 45 cents.
  • Projected revenue: $4.7 billion.

“Halliburton’s profits are skyrocketing, but its stock is down…I think it’s time to reconsider and recognize that Halliburton’s profits could be huge not tomorrow, but in years to come,” Cramer said.

Lockheed Martin

  • Q2 earnings report before opening; conference call at 11:00 AM ET
  • Projected earnings per share: $1.88.
  • Projected sales: $15.98 billion

Netflix

  • 2nd Quarter Post-Closed Income Statement; conference call at 6:00 pm ET
  • Projected earnings per share: $2.95.
  • Projected revenue: $8.03 billion.

Cramer said he hopes to hear a more “thoughtful” earnings report from management after this quarterly report, compared to the streaming giant’s poor first-quarter earnings report. Specifically, Cramer said investors want more information about Netflix’s recent deal with Microsoft, which is part of Netflix’s development of an ad-supported subscription tier.

Wednesday: Abbott Labs and Tesla

Abbot Laboratories

  • Q2 earnings report before opening; conference call at 9 am ET
  • Projected earnings per share: $1.12.
  • Projected sales: $10.29 billion

Tesla

  • Profit for Q2 after the call; Conference call at 5:30 pm ET
  • Projected earnings per share: $1.81.
  • Projected revenue: $16.52 billion.

Kramer said he considers Tesla’s earnings report the most important this week. “Ratings are scattered all over the place. There are a huge number of sales ratings and just as many purchases. [CEO Elon] The mask is still expanding like crazy. … However, if Tesla can beat even the lowest valuations, the stock will rise much higher.”

Thursday: AT&T, Freeport-McMoRan, Dow Inc., Union Pacific, DR Horton, Snap, Mattel and Boston Beer.

AT&T

  • Q2 income statement prior to the bell; Conference call at 8:30 AM ET
  • Projected earnings per share: 61 cents.
  • Projected revenue: $29.53 billion.

Freeport McMoran

  • Q2 earnings report before opening; conference call at 10 am ET
  • Projected earnings per share: 64 cents.
  • Projected sales: $6.14 billion

Dow Inc.

  • second quarter earnings report at 6 a.m. ET; conference call at 8am ET
  • Projected earnings per share: $2.14.
  • Projected sales: $15.55 billion

Cramer said chemical firm Dow Inc. along with copper miner Freeport-McMoRan, should offer insight into the trajectory of economic growth.

Union Pacific

  • Second Quarter Earnings at 7:45 AM ET; Conference call at 8:45 AM ET
  • Projected earnings per share: $2.85.
  • Projected revenue: $6.13 billion.

Cramer said he was concerned rail operator Union Pacific could warn of a slowdown in its business.

Dr. Horton

  • Q3 earnings report at 6:30 AM ET; Conference call at 8:30 AM ET
  • Projected earnings per share: $4.49.
  • Projected sales: $8.81 billion.

As with Union Pacific, Cramer said he was concerned that housing builder DR Horton might warn of a slowdown in cancellations. “Real estate deals don’t close; home confidence [is] down huge. Rising mortgage rates tend to do that,” he said.

Click

  • Profit for Q2 after the call; conference call at 5:00 pm ET
  • Projected earnings per share: loss of 20 cents.
  • Projected revenue: $1.14 billion.

Mattel

  • 2nd Quarter Post-Closed Income Statement; conference call at 5:00 pm ET
  • Projected earnings per share: 6 cents.
  • Projected sales: $1.1 billion.

Boston beer

  • 2nd quarter earnings report after the call; conference call at 5:00 pm ET
  • Projected earnings per share: $4.61.
  • Projected income: $612 million.

The parent of Sam Adams and Truly has struggled lately with the slowdown in soda sales, and Kramer said he expects more from the print. He said he prefers shares in Constellation Brands, the parent company of Corona, owned by his charitable foundation, over Boston Beer.

Friday: American Express, Verizon, Schlumberger and Twitter

American Express

  • second quarter earnings report at 7 a.m. ET; Conference call at 8:30 AM ET
  • Projected earnings per share: $2.42.
  • Projected sales: $12.51 billion.

Cramer said he expects spending from small businesses and consumers to help American Express report good results.

Verizon

  • Second Quarter Income Statement at 7:30 AM ET; Conference call at 8:30 AM ET
  • Projected earnings per share: $1.22.
  • Projected revenue: $33.73 billion.

Schlumberger

  • Second Quarter Earnings at 7:00 AM ET; Conference call at 9:30 AM ET
  • Projected earnings per share: 40 cents.
  • Projected sales: $6.28 billion.

Cramer said he expects good results from oilfield services provider Schlumberger, as well as from Halliburton.

Twitter

  • second quarter earnings report at 8:00 AM ET; conference call not scheduled
  • Projected earnings per share: 15 cents.
  • Projected revenue: $1.33 billion.

Twitter is not holding a conference call to discuss its Q2 numbers, citing the company is “pending acquisition” by an entity linked to Elon Musk. Both parties are currently involved in legal disputes related to the deal.

Disclosure: Cramer’s Charitable Trust holds shares in HAL, JNJ, MSFT and STZ.

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