But Cramer said he saw positives in the Amazon.com and American Express quarters that seemed to deflate investors on Friday. And Microsoft, which missed analysts' expectations, is viewed as “a once-great company,” Cramer said. So its earnings shouldn’t carry the importance they once did.
“One of these things that we’ve got to get away from is the notion that the last company that has spoken controls the market,” Cramer said.
He'd rather focus on the good reports announced so far this season, such as Apple , which Cramer thought would reach $200 over the next few months.
Elsewhere in the market, Cramer said that Google and its advertising business were economically sensitive, but recent statements made by The New York Times and Gannett seemed to indicate a turn in ad spending. If the trend continued, he said, “that’s great for Google.” Cramer thought the stock was cheap based on next year’s earnings estimates, especially considering GOOG is “still a great growth company.”
Lastly, Cramer said it’s too soon to buy the homebuilders. While the housing market was stabilizing, these companies needed home prices to increase “convincingly” before they, and shareholders, benefited.
“That has not happened,” Cramer said.
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