Tech giants report revenue, be ready for the rebounds

CNBC’s Jim Cramer urged investors to take advantage of slow days like Friday to prepare their portfolios for upcoming Federal Reserve interest rate hikes, but only if they can afford it.

“After today’s disaster, we’re actually probably good for another beating or two before settling into what I think will be a weak mid-week rebound,” he said.

“Again, I want to let you know that you need to pull a bit off the table in one of the bounces to prepare for the next rate hikes. You can put some money to work on days like today …but only if you have the money to start,” he added later.

The Dow Jones Industrial Average slid 2.8% on Friday, its biggest loss since October 2020. The S&P 500 fell 2.8% and the Nasdaq Composite 2.6%.

The “Mad Money” host also previewed next week’s earning list.

All earnings and income estimates are courtesy of FactSet.

Monday: Coca Cola

  • Publication of the results for the first quarter of 2022 before the bell; conference call at 8:30 a.m. ET
  • Projected EPS: 58 cents
  • Projected revenue: $9.83 billion

“I would be a long on weakness because Coke has tremendous pricing power,” Cramer said.

Tuesday: Microsoft, Alphabet, Chipotle

Microsoft

  • Publication of third quarter 2022 results after closing; conference call at 5:30 p.m. ET
  • Projected EPS: $2.19
  • Projected revenue: $49.01 billion

The company “should have terrific numbers … but that might not matter because the stock is expensive,” Cramer said.

Alphabet

  • Publication of Q1 2022 results after closing; conference call at 5 p.m. ET
  • Projected EPS: $25.70
  • Projected revenue: $68.07 billion

“People lit up [Alphabet] now because they think online advertising has stopped growing — I think they’re wrong because Google is a special case,” Cramer said.

Chipotle

  • First Quarter 2022 Earnings Release at 4:10 p.m. ET; conference call at 4:30 p.m. ET
  • Projected EPS: $5.64
  • Projected revenue: $2.01 billion

Cramer said the company is selling in an environment where interest rates will rise.

Wednesday: Boeing, Meta

Boeing

  • Publication of the results for the first quarter of 2022 before the bell; conference call at 10:30 a.m. ET
  • Projected loss: loss of 25 cents per share
  • Projected revenue: $16.02 billion

“We’ve all gotten used to Boeing being ugly, and I expect uglier,” Cramer said.

Meta

  • Publication of Q1 2022 results after closing; conference call at 5 p.m. ET
  • Projected EPS: $2.56
  • Projected revenue: $28.29 billion

Cramer said he believed parent Facebook would miss the quarter and cut its guidance. “I keep powder dry to shop for the Charitable Trust,” he added.

Thursday: Twitter, Amazon, Apple

Twitter

  • Publication of the results for the first quarter of 2022 before the bell; conference call at 8 a.m. ET
  • Projected EPS: 5 cents
  • Projected revenue: $1.23 billion

Cramer said that if the social media company doesn’t announce a new feature or initiative, Elon Musk “should do a full raid on the businesses here and go after Twitter by any means necessary”.

Amazon

  • First Quarter 2022 Earnings Release at 4:01 p.m. ET; conference call at 5:30 p.m. ET
  • Projected EPS: $8.33
  • Projected revenue: $116.45 billion

“I don’t think Amazon is meeting any resistance from any other retailer, but it’s still a high stock multiple, which means it might not be able to save much recovery even though the quarter is spectacular,” said Cramer.

Apple

  • Publication of Q2 2022 results at 4:30 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $1.43
  • Projected revenue: $94.11 billion

Cramer said it was difficult to expect an upside from the iPhone maker given the Covid shutdowns in China.

Friday: Chevron

  • Publication of the results for the first quarter of 2022 before the bell; conference call at 11 a.m. ET
  • Projected EPS: $3.42
  • Projected revenue: $51.14 billion

“I’d like to see Chevron’s stock pull back so we can buy more [for the Charitable Trust] with an even higher dividend yield,” Cramer said.

Disclosure: Cramer’s Charitable Trust owns shares of Amazon, Apple, Boeing, Chevron, Meta and Microsoft.

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