Cramer’s week ahead: 'Be on your toes’ this earnings period

CNBC's Jim Cramer on Friday urged investors to make careful, considered decisions regarding their portfolios when the new earnings season kicks off next week.

"It's a pivotal week. First of three. Be on your toes. Listen to the calls. Don't take any action unless you're certain. It's very hard to be certain about anything that's just reported," he said, reiterating some of his five rules for earnings season.

The highly anticipated earnings season will see the biggest companies in tech, retail and consumer goods report their quarterly financial results. 

Cramer previewed the slate of quarterly reports. All estimates for earnings, revenue and economic data are courtesy of FactSet.

Tuesday: General Electric, 3M, Union Pacific, Microsoft

General Electric

Q4 2022 earnings release at 6:30 a.m. ET; conference call at 8 a.m. ETProjected EPS: $1.15Projected revenue: $21.25 billion

The company should "show us why we would want to be in its energy division. That's the next spinoff after health care, but all we really want is the booming aerospace business," he said.

3M

Q4 2022 earnings release at 6:30 a.m. ET; conference call at 9 a.m. ETProjected EPS: $2.37Projected revenue: $8.04 billion

Cramer said that 3M's roughly 5% dividend yield isn't enough, considering the litigation risk from lawsuits against the company.

Union Pacific

Q4 2022 earnings release at 7:45 a.m. ET; conference call at 8:45 a.m. ETProjected EPS: $2.78Projected revenue: $6.31 billion

The company's earnings call should give insight into the state of American commerce, Cramer said.

Microsoft

Q2 2023 earnings release at 4:05 p.m. ET; conference call at 5:30 p.m. ETProjected EPS: $2.30Projected revenue: $53.13 billion

Investors will "learn whether those layoffs Microsoft announced this week are grounded in disappointment or prudence," he said.

Wednesday: Boeing, IBM, ServiceNow

Boeing

Q4 2022 earnings release at 7:30 a.m. ET; conference call at 10:30 a.m. ETProjected EPS: 22 centsProjected revenue: $20.24 billion

Cramer said he expects a solid quarter from the company.

IBM

Q4 2022 earnings release at 4:08 p.m. ET; conference call at 5 p.m. ETProjected EPS: $3.59Projected revenue: $16.13 billion

He said he likes the stock going into the quarter because it's a defensive play with a strong 4.7% yield.

ServiceNow

Q4 2022 earnings release at 4:10 p.m. ET; conference call at 5 p.m. ETProjected EPS: $2.02Projected revenue: $1.94 billion

The earnings call will show whether beaten-down enterprise software stocks will find a reprieve this year, he said.

Thursday: Dow, Southwest Airlines

Dow

Q4 2022 earnings release at 6 a.m. ET; conference call at 8 a.m. ETProjected EPS: 58 centsProjected revenue: $12.05 billion

Cramer said the company's stock "seems like a buy."

Southwest Airlines

Q4 2022 earnings release at 6:30 a.m. ET; conference call at 12:30 p.m. ETProjected loss: 7 cents per shareProjected revenue: $6.22 billion

The company is no longer one of the best-run airlines, he said.

Friday: American Express

Q4 2022 earnings release at 7 a.m. ET; conference call at 8:30 a.m. ETProjected EPS: $2.23Projected revenue: $14.23 billion

"American Express is a terrific 'life-is-too-short' play," he said.

Disclaimer: Cramer's Charitable Trust owns shares of Microsoft.