Monday, June 23 will mark the official beginning of the summer season on Wall Street, Cramer said. So he’s not expecting a lot of noise from downtown Manhattan, unless of course oil moves big in either direction. He took the opportunity to return to the original Game Plan format of making calls on individual stocks rather than marketwide trends.
Walgreen reports before the open. If the numbers are bad, that could be an opportunity to buy CVS Caremark at a discount. Why CVS? Because Rite Aid reports later in the week, and Cramer thinks that company’s on the ropes. A Rite Aid failure could turn the drug-store sector into a CVS-Walgreen duopoly. And aside of a monopoly, that’s the next best thing.
Darden , parent company of Red Lobster and Olive Garden, reports after the close. While a lot of analysts are expecting a bad quarter, Cramer said the strength of Darden’s brands should carry the company through this tough environment. If the stock’s down Monday in anticipation of a bad report, you might want to pick some up to catch a post-earnings bounce.
Nike’s quarterly report should be good, Cramer said, but it’s next quarter, which will include the Olympics, that he’s focused on. This is a great worldwide company with consistent growth, so if there’s any weakness at all after the earnings announcement, Cramer recommended picking up some NKE. But take a pass if a good quarter doesn’t allow you a good entry point.
Research in Motion also reports Wednesday. Cramer already covered this stock this week, talking about analyst Rob Anderson’s estimates raises. Well, the Mad Money host is expecting a good report from RIMM, and that should force all of Anderson’s peers to follow with raises of their own, sending the stock higher, or at least setting the groundwork for an eventual move up. One warning, though: A good RIMM quarter could spark a sell-off. But Cramer recommended using that opportunity to buy more RIMM.
Thursday will be a dark day for a lot of companies, Cramer said. ConAgra is still under pressure from commodities pricing. Micron’s an old technology name that should disappoint. Then there’s Rite Aid, which we mentioned, that Cramer said is “circling the drain.” Lennar should report a “lipstick on a pig” quarter. If you own it, sell the stock into the hype. Then there’s Discover Financial Services – why own it when you could own Mastercard?
The only bright spot on Thursday will be Accenture , Cramer said. “I think that could be terrific in a day otherwise shrouded in gloom.”
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