Busiest Week of Earnings, Coca-Cola’s Q1 Beat, Bed Bath & Bankrupt 4/24/23

Jim Cramer (0:00)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:07)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber at the New York Stock Exchange. Cramer's in Frisco, Texas.

More on that in just a moment.

Meantime, buckle up for the busiest week of earning season, 178 S&P companies report this week, including plenty of mega cap tech, also some critical inflation data, we're seven trading days out from that Fed decision. Roadmap this morning begins with a critical week for corporate results. As we said, a third of the S&P, almost half the Dow said to report.

David Faber (0:34)

Plus it is a big week for big tech, riding the rally that has moved markets so far this year. Alphabet, Microsoft, Meta, Amazon, all on deck.

And shares of Bed Bath & Beyond, yeah, well, they're beyond, they're down 99% last year. It files for bankruptcy protection, finally, Carl.

Carl Quintanilla (0:55)

Let's begin with Jim, who can explain what's up with Texas this morning, Jim?

Jim Cramer (1:00)

Well, we're down here to look at what I regard as being enemy territory, admittedly, but I'm at the Star Frisco. This is another Jerry Jones world, just kind of like Jerry Land where the stadium is. But this is a practice field behind me. We actually have real, legitimate cowboys here. Can't touch the ball, but they're throwing, I don't know, say invisible balls.

And this is just one of the most exciting places on earth because it's a brand new city. It does remind me of Disney World.

Stock would be 120th if it was part of this. And what I have to tell you is I got Cotero on, which is natural gas and oil. And I've got the, I think, maybe the interview of the day, which is Southwest Air. We gotta find out what's really going on there. But it's Jerryville. And what Jerry's got to say is don't forget, he's big on natural gas.

Obviously, he's big on how to value things. And David, I gotta tell you, what the spirit down here and what Jones is accomplishing is only, it's unique to Texas. You just don't find it anywhere else in the country. David, they love capitalism down here. It's kind of an odd thing.

David Faber (2:02)

So are you gonna stay and maybe not come back?

Jim Cramer (2:07)

No, because every second is torture.

Because this is a world that is opposite of the Eagles.

But I accept it. For today, I am a cowboy. I will admit that. Today, I am a cowboy. That's what you have to say. You have to accept that, Carl. I am a cowboy.

Carl Quintanilla (2:22)

We'll save that piece of tape maybe and play it later.

So let's talk some earnings this morning, Jim. It's a busy week, as we said, the busiest. And B of A yesterday over the weekend pointed out last five earning cycles, that busy week, market tends to do pretty well.

Jim Cramer (2:37)

I think it's gonna happen. I mean, when you look at the stars of this week, you've got things like, look, you've got companies, name brand companies like McDonald's, they just don't miss.

We've got companies that I think are Amazon. Maybe we get a little more about who's being let go. They're letting go of the $500,000 guys, not the $50,000 guys. I think that we're going to see, you're gonna see good tech numbers from Alphabet, but we need to see layoffs from Alphabet. It's still gonna be the story of tech, which is they need to layoff people. Everybody else is looking for people to hire. David, it's really a kind of an odd thing where you have too many people who make a lot of money in one industry.

Meta has shown you how to do it. We're gonna find out maybe even more layoffs at Meta. And then we have other companies that just need employees badly.

And I think that you're gonna see those companies actually have really good numbers. And a lot of companies, David, are surprisingly doing much better than people realize. And the strategists seem very out of sync. They seem to keep thinking that there's going to be missed numbers. I'm just not seeing it that way at all.

David Faber (3:44)

And what is the reason that you're not seeing it that way?

Jim Cramer (3:48)

Because last week we had the regionals. Those are the ones that are the weakest part of the US economy. The regional banks did absolutely as awful as we thought. We had the last one that I'm worried about, which is tonight at First Republic. And then after that, we're just gonna have regular plain vanilla companies that do very well at this point.