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CNBC’s Jim Cramer said Friday that the upcoming week full of earnings and economic data releases could bring good news for the Federal Reserve’s battle against inflation.

“This market is trading like next week, we’re going to see some real signs that the Fed is winning its war on inflation and so they can ease rate hikes going forward…I wouldn’t be at all surprised if the market got it right,” he said.

Cramer named two major economic events he is watching next week: the upcoming FOMC meeting, which is expected to conclude with a 0.75 percentage point interest rate hike, and the nonfarm payrolls report.

“You can’t get a reduction in wages until you see a lot of people losing their jobs, and that’s what the Fed needs to see,” he said.

Cramer also previewed next week’s earnings list. All earnings and revenue estimates courtesy of FactSet.

Tuesday: Eli Lilly, Uber, Devon Energy, AMD

Eli Lilly

• Q3 2022 earnings release at 6:25am ET; conference call at 9 am ET
• Expected EPS: $1.91
• Estimated revenue: $6.89 billion

The company has a chance to shine now that health stocks are some of the new market leaders, he said.

Uber

• Q3 2022 earnings release at 7:05am ET; conference call at 8 am ET
• Expected loss: Loss of 18 cents per share
• Projected revenue: $8.11 billion

Cramer said if the company reports that there are plenty of drivers but customers can’t afford the rides, that will be great news for the Federal Reserve.

Devon Energy

• Release of Q3 2022 results at 4:05 PM ET; conference call Wednesday at 11:00 a.m. ET
• Expected EPS: $2.12
• Projected revenue: $4.16 billion

Although the company is doing well, investors should not buy oil stocks when the economy is weakening, he warned.

AMD

• Q3 2022 earnings release at 4:15 PM ET; conference call at 5 pm ET
• Expected EPS: 70 cents
• Estimated revenue: $5.69 billion

Cramer said he is interested in whether AMD is losing market share to Intel.

Wednesday: Humana, CVS, Qualcomm

human

• Q3 2022 earnings release at 6:30am ET; conference call at 9 am ET
• Expected EPS: $6.27
• Estimated revenue: $22.82 billion

CVS

• Q3 2022 earnings release at 6:30am ET; conference call at 8 am ET
• Expected EPS: $2
• Estimated revenue: $76.74 billion

“I fear that CVS is considered a Covid play. Humana is a post-Covid darling,” Cramer said.

Qualcomm

• 4Q 2022 results release at 4:00 PM ET; conference call at 4:45 PM ET
• Expected EPS: $3.14
• Estimated revenue: $11.33 billion

He said he wouldn’t be surprised to see the stock rise even with a guidance cut, given how much Qualcomm shares have declined this year.

Thursday: Starbucks, PayPal, DoorDash

starbucks

• Q4 2022 earnings release at 4:05 PM ET; conference call at 5 pm ET
• Expected EPS: 72 cents
• Estimated revenue: $8.32 billion

He said he expects the company to report a solid quarter.

PayPal

• Q3 2022 earnings release at 4:15 PM ET; conference call at 5:30 pm ET
• Expected EPS: 96 cents
• Estimated revenue: $6.81 billion

“I think PayPal has an opportunity to regroup here as its days of flagging are probably over,” Cramer said.

DoorDash

• Release of Q3 2022 results at 4:05 PM ET; conference call at 5 pm ET
• Expected loss: Loss of 59 cents per share
• Projected revenue: $1.63 billion

He said DoorDash “invites skepticism” since people aren’t getting their food delivered as often as they did during the height of the Covid pandemic.

Disclaimer: Cramer’s Charitable Trust owns stock in Eli Lilly, Devon Energy, AMD, Humana, Qualcomm and Starbucks.