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Business

Markets need a strong labor market, tame inflation




CNBC’s Jim Cramer told investors on Friday that stocks could see another strong week of trading, given the right economic conditions.

“As the year goes on, the holidays will become more and more of a focus. Right now, the forecast is cloudy — too many cross currents. But if the labor market remains strong and inflation remains tame, we could be in for another very good week,” he said.

Stocks closed up for the week on Friday, marking the first time since October that the three major indexes saw consecutive weekly gains.

Markets were volatile this week as investors digested Federal Reserve Chairman Jerome Powell̵[ads1]7;s indication that the central bank may soon begin to slow the pace of interest rate hikes and hot wage and labor data.

Cramer said he is keeping an eye on the producer price index and University of Michigan Consumer Sentiment Index reports due out next week and is concerned that sentiment may be too cold.

“Right now we need a boost, a big boost, if only to save Christmas for retail,” he said.

He also previewed next week’s results summary. All earnings and revenue estimates are provided courtesy of FactSet.

Tuesday: AutoZone, Toll Brothers, SentinelOne

AutoZone

  • 1st quarter 2023 results announcement at 6:55 a.m. ET; conference call at 10 A.M
  • Estimated EPS: $25.3
  • Estimated income; 3.86 billion dollars

He said the stock has been his favorite for years.

Toll Brothers

  • Q4 2022 earnings announcement at 4:30 p.m. ET; conference call Wednesday at 8:30 a.m. ET
  • Estimated EPS: $4.01
  • Estimated revenue: $3.17 billion

While it’s generally not recommended to buy housing stocks entering a tightening cycle that could trigger a recession, Powell’s recent comments could make the stock an interesting investment, Cramer said.

SentinelOne

  • Q3 2023 results announcement after closing; conference call at 5 p.m. ET
  • Estimated loss: loss of 11 cents per share
  • Estimated revenue: $180 million

He said he is unsure when the stock will bottom.

Wednesday: Campbell Soup, Ollie’s Bargain Outlet Holdings, Brown-Forman, Lowe’s

Campbell soup

  • Q1 2023 earnings release at 7:30 a.m. ET; conference call at 8 a.m. ET
  • Estimated EPS: 88 cents
  • Estimated revenue: $2.45 billion

He said the company has been “reinvented” by CEO Mark Clouse.

Ollie’s Bargain Outlet Holdings

  • Q3 2022 earnings report before the bell; conference call at 8:30 a.m. ET
  • Estimated EPS: 40 cents
  • Estimated revenue: $429 million

The company is a “fantastic” bargain store, which means the quarter should have outstanding results, Cramer said.

Brown-Forman

  • Q2 2023 results announcement at 8 a.m. ET; conference call at 10 A.M
  • Estimated EPS: 55 cents
  • Estimated revenue: $1.08 billion

Cramer pointed out that liquor sales tend to do well in a recession, which is good news for the Jack Daniel’s distillery.

Thursday: Broadcom: Costco, Lululemon Athletica

Broadcom

  • Q4 2022 results announcement at 4:15 p.m. ET; conference call at 5 p.m. ET
  • Estimated EPS: $10.3
  • Estimated revenue: $8.90 billion

The semiconductor company will report strong earnings even if cloud growth slows, Cramer predicted.

Costco

  • Q1 2023 earnings announcement at 4:15 p.m. ET; conference call at 5 p.m. ET
  • Estimated EPS: $3.12
  • Estimated income; 58.36 billion dollars

Although the retailer’s quarter is likely to be solid, TJX is the best bargain, he said.

Lululemon Athletica

  • Q3 2022 results announcement at 4:05 p.m. ET; conference call at 4:30 PM ET
  • Estimated EPS: $1.96
  • Estimated revenue: $1.81 billion

Cramer said he is betting that Lululemon will beat Wall Street expectations in its latest quarter.

Disclaimer: Cramer’s Charitable Trust owns stock in Costco and TJX.

Jim Cramer’s Guide to Investing

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