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Cramer's game plan: Watch earnings and potential deals

Friday should have been a day focused on earnings reports from McDonald's, General Electric and others. Instead, the day was dominated by takeover talk, Jim Cramer said.

"It's entirely possible that the potential deal between AT&T and Time Warner could be announced 48 hours from now," the "Mad Money" host said. CNBC's David Faber suggested there may be another deal in the works with Qualcomm potentially buying NXP Semiconductors for $110 a share.

Should these speculative deals go through, Cramer said, they have the potential to give a boost to media stocks, like Netflix and CBS, as well as semiconductor stocks, like Skyworks and Micron.

But all that action shouldn't detract from the biggest earnings week of the year, Cramer said.




Monday: Cramer will be watching Kimberly Clark and VF Corp as they report earning in the morning. The market wasn't too crazy about them last quarter, he said, but maybe the narrative will change with VF Corp's chief operating officer taking the baton from CEO Eric Wiseman. He'll also be watching Visa, which reports after the bell, to see what new CEO Al Kelly will say about the credit card titan.

Tuesday: The big week for earnings continues with Caterpillar and outgoing CEO Doug Oberhelman presenting numbers in the morning. Although the company has fallen out of favor with investors lately, Cramer says 3M has been somewhat immune to the global slowdown and also reports before the bell. Proctor & Gamble, Under Armour, Chipotle and AT&T also report, but may be overshadowed by Apple, the largest company on earth.

Wednesday: Cramer suggests waiting for the conference call before trading Boeing, which reports before the bell. Coca-Cola also reports on Wednesday and won't be able to stave off comparisons between the company and its rival PepsiCo, which blew away the numbers when it reported. Coca-Cola's stock is down 2 percent this year, while PepsiCo's up 5 percent.

Thursday: Three major companies are reporting after the bell on Thursday: Alphabet, Amazon and Twitter. People will be watching Alphabet's potential re-ignition of the revenue stream from YouTube, Cramer said. He has very few worries about Amazon, but has far lower expectations for Twitter in the midst of its takeover bids.

Friday: Friday is oil day with Exxon and Chevron reporting. Both companies weathered the low price of crude, but neither has done any big acquisitions. Cramer will be watching closely amid the OPEC deal and continued price recovery.

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