Cramer's game plan: Internalizing tariffs and getting ahead of good quarters

  • Tariffs may not weigh on stocks as much as investors think next week, CNBC's Jim Cramer says.
  • The "Mad Money" host shares his game plan for the week, which will include an interview with J.P. Morgan CEO Jamie Dimon.

The reason for the record highs in the S&P 500 and Dow Jones Industrial Average is staring investors in the face, CNBC's Jim Cramer said on Friday.

"We now have the strongest job market in 49 years," the "Mad Money" host said. "You might want to consider the possibility that tariffs could be — I know it's out there — a positive, not a negative."

Even with Walmart reportedly warning U.S. Trade Representative Robert Lighthizer in a letter that the big-box retailer may have to raise prices to combat tariff costs, Cramer didn't anticipate sweeping negative effects.

"A company like Walmart that imports tons of stuff from the People's Republic might take a small hit for a couple of quarters, but then either the trade war gets resolved or they start sending their business to Thailand or Vietnam," he said. "In the meantime, we've got the tax cuts and a red-hot economy."

With that and the stock market's notable resilience in mind, Cramer turned to his weekly game plan:

Monday: J.P. Morgan Chase interview, Sky resolution, Ascena

J.P. Morgan: On Monday, Cramer will interview J.P. Morgan Chairman and CEO Jamie Dimon about everything from tariffs to banking to business to President Donald Trump. The interview will air on CNBC in two parts, at 11 a.m. and 6 p.m. ET.

"I think it's going to be must-see TV," the "Mad Money" host said. "Do not miss this interview; there are few executives with a better read on both the nation and the world than Jamie Dimon."

Sky PLC: Investors will also likely see the outcome of the bidding war between the Walt Disney Company and Comcast, the parent company of NBCUniversal and CNBC, for European cable provider Sky.

"It's a total dice-roll situation," Cramer noted. "I bet we can get a settlement that makes both companies happy, but maybe I'm being too optimistic."

Ascena: Cramer will also be eyeing what he called "a joyous situation" with Ascena, the retail operator behind various apparel brands including Dress Barn and Ann Taylor.

"Not that long ago, ... it got so bad the stock traded below $2 — not confidence-inspiring," he said. "But now Ascena's bounced back to $4 and change. I think business has picked up enough to take the viability issue off the table."

Tuesday: 'Mad Money' at Dreamforce, Salesforce, Nike, Cintas

Dreamforce: On Tuesday, "Mad Money" hits the road to Dreamforce, a huge festival hosted by Salesforce.com covering all things tech and cutting-edge. Cramer will hear from some of the best minds in Silicon Valley, so if you're a tech investor, don't miss Tuesday's show!

Salesforce.com: An analyst meeting at Salesforce could shed some light on how the cloud giant is interpreting Adobe's acquisition of Marketo, a deal that put Adobe in even closer competition with Salesforce, Cramer said.

Nike: Wall Street seems sure that the athletic retailer's upcoming earnings report will be very strong, but Cramer felt the consensus was kind of "eerie."

"My take? I expect the numbers to be great, too. Whether that sends the stock higher is another story," he said. "I like Nike going into the quarter, but so does everybody else, and that tends to limit the upside."

Cintas: Workwear maker Cintas will report earnings, and Cramer liked the company's situation, too.

"This uniform rental service has blown away the numbers quarter after quarter after quarter ever since it bought its principal competitor. I've been telling you to buy it for ages," he said. "I think it remains a fabulous play on the resurgence of small business in this country. I would buy Cintas ahead of the quarter."

Wednesday: Federal Reserve, Carmax, Bed Bath & Beyond

Federal Reserve: The Fed's Wednesday meeting is expected to bring another quarter-point hike in the federal funds rate and, potentially, a statement from the central banking body on tariffs.

Cramer warned that the tariff statement "might be a bit jarring."

"This event is the biggest hurdle towards finishing September on a high note ," he said. "The financials have the most to gain from a rate hike, but you need to wait and see what the Fed has to say [and] parse the statement before you buy them."

Carmax: New and used car dealer Carmax will report earnings Wednesday, and Cramer expects a strong report giving the state of its business drivers.

"The used car market is very robust here and that allows Carmax to deliver excellent numbers," he said. "I bet they do it again."

Bed Bath & Beyond: Cramer has watched a lot of money go to waste betting that each earnings report from Bed Bath & Beyond will be its turnaround quarter.

"Hasn't happened yet. The stock has a decent risk-reward here, but that's not enough to make me want to pull the trigger" ahead of its Wednesday earnings report, he said. "Plus, I think Bed Bath could get hit by the tariffs because they source a lot of their stuff from China. There are so many better companies. Why bother with this one?"

Thursday: Accenture, McCormick, Conagra Brands

Accenture: Accenture will deliver the first of three earnings report Cramer will be watching on Thursday. The information technology play helps enterprises go digital, so Cramer figured its quarterly results would be strong.

"I expect a fantastic quarter," he told investors. "Accenture's been an extraordinary story and we've been behind it every step of the way, but it can be an erratic trader. I would buy some before the quarter and some after."

McCormick: The spices and condiments maker that has become Cramer's "favorite food stock" will also report earnings, but the run in its stock has taken it to potentially inflated levels, he said.

"I have to admit that this stock in nosebleed territory here, as so many investors have figured out ... that this is a fantastic growth story," Cramer warned. "You might want to wait until the stock cools down before you do some buying."

Conagra Brands: Conagra's announced acquisition of Pinnacle Foods could give the company "some real heft" with millennial buyers because of Pinnacle's share in frozen-food aisles, Cramer said.

"Unlike McCormick, this is a deep value stock," he said. "I like the Pinnacle deal. I like the stock."

Friday: Vail Resorts

Ski resort operator and longtime Cramer-fave Vail Resorts will issue its earnings report on Friday.

"This is another company that's repeatedly shot the lights out, yet for some reason the analysts' projections are still pretty conservative," the "Mad Money" host said. "I think that's crazy. The secret behind Vail's success? The experiential economy: people cannot resist vacationing in Colorado."

Final thoughts

No matter how many people fret about protectionism and tariffs, Cramer hasn't seen them seriously weigh on earnings or the broader stock market so far.

"We have a bunch of good quarters worth getting ahead of next week, as well as a key Fed meeting that could push the bank stocks still higher. Oh, and we'll put September, arguably the most difficult month of the year, to bed, hopefully with flying colors," he concluded.

WATCH: Cramer's game plan for the last week of September

Disclosure: Cramer's charitable trust owns shares of J.P. Morgan, Disney, Comcast and Salesforce. Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com.

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