CNBC's Jim Cramer on Monday said the most important data this week is the Bureau of Labor Statistics release of the July nonfarm payrolls report on Friday morning.
"If it shows some job growth with no wage inflation, then the fabulous July rally can stand. But if it shows booming hiring with exceptionally large wage increases, then some of this rally, if not much of it, is going to be repealed," the "Mad Money" host said.
Job growth has been strong this year, leading economists to say the U.S. is not in a recession even with two back-to-back quarters of negative GDP.
Another strong jobs report could mean the Federal Reserve, which added a three-quarters a percentage point interest rate hike last week, will have to take stronger action to slow down the economy and inflation.
Cramer also previewed this week's slate of earnings. All earnings and revenue estimates are courtesy of FactSet.
Tuesday: Uber, AMD, Starbucks, Airbnb, JetBlue, PayPal
- Q2 2022 earnings release at TBD time; conference call at 8 a.m. ET
- Projected loss: loss of 27 cents per share
- Projected revenue: $7.36 billion
Cramer said he believes Uber will always struggle to make money unless it gets "real" autonomous vehicles.
- Q2 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
- Projected EPS: $1.03
- Projected revenue: $6.53 billion
AMD will likely report a strong performance, Cramer predicted.
- Q3 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
- Projected EPS: 77 cents
- Projected revenue: $8.15 billion
Cramer said he wants to bet on Starbucks CEO Howard Schultz, not against him.
- Q2 2022 earnings release between 4 p.m. and 4:05 p.m. ET; conference call at 4:30 p.m. ET
- Projected EPS: 45 cents
- Projected revenue: $2.11 billion
The company will likely report it's doing well, Cramer said, adding that he believes shares of Airbnb won't go higher unless it turns its cash flow into actual earnings.
- Q2 2022 earnings release at 7 a.m. ET; conference call at 10 a.m. ET
- Projected per share loss: 11 cents
- Projected revenue: $2.45 billion
Cramer said he believes the Justice Department will block JetBlue's deal to acquire Spirit Airlines.
- Q2 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
- Projected EPS: 87 cents
- Projected revenue: $6.78 billion
"If PayPal misses again, this is Elliott's ballgame," Cramer said, referring to activist investor Elliott Management's recently acquired stake in the payment platform.
Wednesday: CVS
- Q2 2022 earnings release at 6:30 a.m. ET; conference call at 8 a.m. ET
- Projected EPS: $2.18
- Projected revenue: $76.41 billion
Cramer said he expects the retail giant to report great numbers.
Thursday: Eli Lilly, Warner Bros Discovery, DoorDash
- Q2 2022 earnings release at 6:25 a.m. ET; conference call at 9 a.m. ET
- Projected EPS: $1.70
- Projected revenue: $6.85 billion
Cramer said he believes the success of Eli Lilly's new weight loss drug will help the company report a great quarter.
- Q2 2022 earnings release after the bell; conference call at 4:30 p.m. ET
- Projected EPS: 12 cents
- Projected revenue: $11.85 billion
Cramer said he believes the company will try to muddle through getting rid of its huge debt load totaling around $55 billion.
- Q2 2022 earnings release at 4:05 p.m. ET; conference call at 6 p.m. ET
- Projected per share loss: 21 cents
- Projected revenue: $1.52 billion
Cramer said he's unsure whether DoorDash will be able to revive its stock price.
Disclosure: Cramer's Charitable Trust owns shares of AMD and Eli Lilly.
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