Don’t let the Fed’s meeting obscure investing opportunities

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CNBC’s Jim Cramer on Friday advised investors to keep their eyes peeled for chances to improve their portfolios next week.

“These big macro numbers and important Fed meetings are a drag – I know. They obscure the actual opportunities out there. I want you to keep your eyes open for ideas and not be blinded by the [Federal Reserve] light,” he said.

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Stocks tumbled to end the week down on Friday, roiled by investors’ worries about a possible recession. Two key economic events take place next week, including the release of the November consumer price index report and the Federal Reserve’s December meeting.

Wall Street expects the Fed to raise interest rates by 50 basis points.

“We need to see a cooler consumer price index, with the Fed only raising interest rates by 50 basis points and then saying they’ll take some time to assess the situation before they tighten again,” Cramer said.

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

Monday: Coupa Software, Oracle

Coupa Software

  • Q3 2023 earnings release at 4:03 p.m. ET; conference call at 4:30 p.m. ET
  • Projected EPS: 17 cents
  • Projected revenue: $252 million

Cramer predicted that the stock will fall if the company doesn’t prioritize profitability over growth.

Oracle

  • Q2 2023 earnings release at 4 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $1.17
  • Projected revenue: $11.95 billion

“At 16 times earnings, I just don’t see how much there is to lose,” he said.

Tuesday: Eli Lilly

  • 2023 guidance call at 9 a.m. ET

Investors who don’t already own shares of Eli Lilly should wait to buy until after the call, Cramer advised.

Wednesday: Lennar

  • Q4 2022 earnings release at 4:30 p.m. ET; conference call on Thursday at 11 a.m. ET
  • Projected EPS: $4.88
  • Projected revenue: $9.98 billion

He predicted that the company will likely report a “terrific” quarter, which would be bad news for the Fed’s battle against inflation.

Thursday: Adobe

  • Q4 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $3.50
  • Projected revenue: $4.53 billion

Cramer said that it’s too soon to buy shares of Adobe.

Friday: Darden Restaurants, Accenture

Darden Restaurants

  • Q2 2023 earnings release at 7 a.m. ET; conference call at 8:30 a.m. ET
  • Projected EPS: $1.43
  • Projected revenue: $2.43 billion

The company will likely report a solid quarter, he predicted.

Accenture

  • Q1 2023 earnings release at 6:45 a.m. ET; conference call at 8 a.m. ET
  • Projected EPS: $2.92
  • Projected revenue: $15.58 billion

“If you think, as I do, that companies will cut back on digitization going forward in order to attempt to save money, you might want to avoid Accenture,” Cramer said.

Disclaimer: Cramer’s Charitable Trust owns shares of Eli Lilly.

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