In a bold prediction, Cramer on Thursday said Honeywell International will deliver a "real good quarter" when it reports earnings before Friday's opening bell.
"The Street is looking for Honeywell to earn a buck. Alright. $1.02. That's my prediction," Cramer said. "I think Dave Cote, the terrific CEO, will tell us that his five-year plan is right on track, while Honeywell's climate control, materials and aerospace businesses are all enjoying the better part of their long-term cycles."
(RELATED: 3 Earnings Cramer's Watching Friday)
Cote is an honest guy, Cramer continued, so when asked about Europe during the conference call, he will say he sees no particular slowdown yet. He will say he is wary, though, that a lack of a deal to solve the European debt crisis will further damage investor confidence.
On that one caveat, Cramer thinks people will sell Honeywell's stock down. He thinks HON could fall from roughly $48 a share to $43, which is the level it was at before the recent rally. Everybody will then think Honeywell didn't actually have a good quarter, Cramer said. Many will think Honeywell actually missed, even though that's not the case.
"In truth, Honeywell's managing through this tough period. They're creating value and doing everything right," Cramer said. "It's taking share all over the place. It's set up for long-term higher oil prices, which we all know are coming eventually and it benefits from the enormous number of orders from all the airline companies for all kinds of planes. Not just Boeing . Its automotive division is smoking."
With the markets so tied to the European debt crisis, though, Cramer said it doesn't matter what Honeywell's earnings are. No matter what Honeywell reports, Cramer said Europe could crush the stock.
There are a few scenarios that could play out for Honeywell then. If the stock is trading at the $43 level when it reports, it could go to $45 a share. In turn, people would think it posted a better-than-expected quarter and congratulate Cote for being a winner.
If Europe's debt problems were to be resolved, people would regard Honeywell as having a brilliant quarter. The stock would skyrocket to $50 a share. That's unlikely to happen, though, and so the exact same earnings would be seen as not so hot.
What else is Cramer watching Friday?Click ahead for his "Game Plan."
Call Cramer: 1-800-743-CNBC
Questions for Cramer? email@example.com
Questions, comments, suggestions for the Mad Money website? firstname.lastname@example.org