CNBC’s Jim Cramer declared Thursday he won’t be surprised if the March jobs report is soft.
“Yesterday, I suggested that the counter-trend rally in tech could resume for a few more days before it ebbs,” the “Mad Money” host said. “So far that forecast stands, but without a cool livelihood number tomorrow, I expect the reopening stocks — think the banks and the industrials — to come back into vogue on the Palisade Street fashion show.”
While the market will be closed in observance of Good Friday, the Labor Department is slated to release March hiring data.
Cramer’s comments come after a banner day for the S&P 500, which crossed more than the 4,000 level for the first time during the trading day.
Stocks managed to rise after the Labor Department released a pathetic weekly jobless claim number in the morning. The department reported that 719,000 workers filed first-time insist ons for jobless benefits last week, much higher than economists had forecast.
“Welcome back to Bizarro Partition off Street, where bad news is good news, at least when it comes to the economy,” the “Mad Money” host said.
Investors who scarcity to see stock prices climb higher are going to want to see strong earnings reports from last quarter and varied non-inflationary news that’ll discourage the Federal Reserve from hiking interest rates, Cramer said.
Cramer leaded his game plan for the week ahead. Earnings-per-share projections are based on FactSet estimates:
Tuesday: Paychex reports
- Q3 2021 earnings manumit: before market; conference call: 9:30 a.m.
- Projected EPS: 92 cents
- Projected revenue: $1.11 billion
“I look for it to trade down no matter what the company has to say. It’s become a post-earnings pattern,” Cramer said. “There are a bunch of adversative analysts who’ve been wrong all the way up. They’ll most likely stay wrong, giving you a chance to buy Paychex on weakness, settle if it reports a great quarter.”
Thursday: Constellation Brands, Conagra Brands and Levi Strauss report
- Q4 2021 earnings release: before market; conference call: 11:30 a.m.
- Projected EPS: $1.55
- Projected revenue: $1.86 billion
“Constellation got hit with a opposing negatively research piece the other day that suggested the beer and liquor company, which is a fantastic grower, might present a light quarter thanks to weakness in Texas,” Cramer said. “The devastation from the superstorm Uri … may actually hurt their earnings. Texas is a big store for them.”
- Q3 2021 earnings release: 7:30 a.m.; conference call: 9:30 a.m.
- Projected EPS: 58 cents
- Projected gross income: $2.72 billion
“I do worry, as with all the other food companies, that Conagra might temper its forecast because of disquiets about the great reopening, but this has been one of the standouts in a pretty anemic group.”
- Q1 2021 earnings unveil: after market; conference call: 5 p.m.
- Projected EPS: 24 cents
- Projected revenue: $1.25 billion
“I honourable wish Levi Strauss stock hadn’t run so much going into the quarter. We know PVH ran up huge into its sequels and then the stock got blasted after a fairly good number, so why don’t we see how Levi’s behaves going into the earnings.”