Madmoney's Jim Cramer on TLRY
Cramer’s week ahead: 3 events will determine if the market’s bad momentum will continue in October
CNBC’s Jim Cramer on Friday said that three key events next week will determine if the nightmarish month for the stock market will continue into October.
Here are the events:
- The release of the nonfarm labor report Friday. Cramer said he expects it to show inflated hiring and wages.
- Two speaking engagements by Cleveland Fed President Loretta Mester, who Cramer believes is the primary inflation hawk on the Federal Open Market Committee. “She wants to protect us … from high inflation, even if that means raising interest rates into a recession,” he said.
The S&P 500 closed out its worst month since March 2020 on Friday. The Dow Jones Industrial Average and the Nasdaq Composite fell 8.8% and 10.5%, respectively, for the month.
While it’s likely that Mester and the report will both bring bad news, investors can protect themselves from the market wreckage if they stick to a solid game plan, according to Cramer.
“Own high-quality companies with good balance sheets and high dividends that will benefit from a decline in inflation, because that’s what’s going to happen,” he said.
He also previewed next week’s slate of earnings. All earnings and revenue estimates are courtesy of FactSet.
Friday: Tilray Brands
- Q1 2023 earnings release at 7 a.m. ET; conference call at 8:30 a.m. ET
- Projected loss: loss of 5 cents per share
- Projected revenue: $169 million
He predicted that the company will make a “bold” statement about the legalization of cannabis and said he’s pondering whether this could be a great speculative stock to own during the Biden administration.