Cramer: Earnings to Watch Wednesday

Halfway through yet another week of corporate earnings, here's Jim Cramer's "Game Plan" for Wednesday.

The turnaround in housing has been one of the biggest themes of 2012, Cramer said. It will likely be bolstered, too, when Toll Brothers reports earnings before Wednesday’s opening bell.

“The company’s been very upbeat of late and the stock’s taken off,” Cramer said. “You might want to buy some Toll if the market gets hit off of Europe because Toll’s a 100 percent domestic player that is more levered to lower mortgage rates, a healthier consumer and cheaper raw materials than to anything in Greece, Spain, Italy or the rest of Europe for that matter.”

Hewlett-Packard will report ahead of Wednesday’s opening bell, too. From its headquarter in Palo Alto, Calif., H-P provides diversified computer systems and services.

“The bottom callers are out there in full force. I think that new management’s struggling with many of the same issues Dell is coupled by what very well might be a faltering consulting business given the furious competition from the likes of Accenture and SAP,” Cramer said. “Calling bottoms in tech is well-nigh impossible. I’m not going there.”

Pandora is also scheduled to deliver earnings Wednesday. The Oakland, Calif.-based company provides Internet radio services. Cramer called it an “unmitigated disaster.” He wants to know whether the company is more focused on profitability than it was. Either way, he thinks it’s a bust right now and remains so until it puts together several good quarters.

Finally, apparel maker PVH will make an earnings announcement. Cramer praised its management team. He thinks it might best be played with deep-in-the-money calls to cut off your downside and giving you nice upside.

Read on for Cramer's "Game Plan" for the remainder of the week

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