Next week is light for earnings, but Jim Cramer is preparing for the heavy anchor that could drop on Wall Street when payroll numbers are released.
Thus, all earnings next week must be viewed through the lens of possible Fed action; that is why Cramer shared the stocks and events he will be watching next week:
Tuesday: Workday, Zoe's Kitchen, Ascena Retail Group
Workday: This was once one of the hottest stocks out there as investors searched for the next Salesforce. They wanted a company that was connected to the cloud and had strong growth. Unfortunately, as the market has turned against pure growth plays that are losing money, this stock has been hit.
What makes this quarter intriguing to Cramer is that Citigroup recently released a note urging aggressive buying of Workday into the quarter, raising its target price to $89 from $76.
"You simply do not do that, you do not run the risk of being that wrong if you don't have a bead on the quarter. I wonder if Aneel Bushri, the CEO and co-founder, doesn't have some very big wins up his sleeve," Cramer said.
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Wednesday: G-III Apparel Group, Lands' End, Box
G-III: Both G-III and Lands' End were once known for their reliability when it came to earnings. However, as last quarter was uncharacteristically warm, G-III's outerwear business was hurt and it sent the stock into a tailspin. This one is a tough call for Cramer.
Lands' End: This stock soared 80 percent after Sears Holdings spun it off two years ago but has since collapsed, including a 10 point drop in the last month,
"Could it really be this bad? Frankly, I think so," Cramer said.
Thursday: Broadcom, Ambarella
These two are tech companies with different tales. Broadcom is the one with red-hot numbers that no one seems to know, and Ambarella is the red-hot tech company with numbers that nobody institutionally seems to be interested in.
Broadcom is the chip company that resulted in the recent merger between Broadcom and Avago. A year ago Ambarella traded up to $128 before plummeting to the $40s. Meanwhile, Avago kept roaring higher.
Ambarella's stock has broken a lot hearts, many more than Broadcom. That's why Cramer's sticking with Broadcom.
Friday: Nonfarm Payroll Report
If the numbers are strong, Cramer thinks the Fed will pull the trigger on a rate increase at the June meeting. Many Fed members have expressed the need for two or three rate hikes this year. Only a very weak number could change that.
"To say that this one is important is to underestimate the most significant employment report of the year," Cramer said.
Additionally, if the market rallies going into the employment report and the number are weak, Cramer anticipates a sell-off as investors fear that the Fed will raise anyway in a weaker environment. That means the bulls may want a strong number to ease concerns that the Fed will take action when the economy isn't so hot.