Nvidia earnings loom as stock futures flat; PCE inflation runs hot

Cramer said Bank of America argues the real debate around Nvidia surrounds balance sheet disclosures related to purchase agreements, since the market already prices in a beat. Quantifying these liabilities would not erase AI buildout risk, but it would let the market price properly into what analysts see as a depressed valuation. Cramer said he agrees the stock is ridiculously cheap and again called for an Apple-style buyback. He also noted that Broadcom has become a battleground stock, with Melius Research's Ben Reitzes flagging share loss on Google's custom silicon program, perceived circularity in the Apollo-Blackstone venture, and political backlash that could slow data-center buildout. Cramer said they trimmed their Broadcom position this week; Broadcom reports next week.

According to Cramer, a wave of earnings and guidance moved shares premarket. Intuit fell 10% after issuing disappointing fiscal 2027 guidance, with analysts pointing to TurboTax losing share to cheaper AI-based alternatives. CEO Sasan Goodarzi told Cramer he has a plan to fix it, but BofA and JPMorgan downgraded the stock to hold. Zoom Communications slid 7% after giving light current-quarter guidance, though it raised its full-year outlook; Jefferies cut its price target to $118 from $120 but kept a buy rating. J.M. Smucker rose about 4% after reporting organic growth of 5% versus a 1.1% consensus, with gross margins beating strongly helped by tariff refunds and falling coffee prices. The company lifted its full-year earnings guidance and sees a smaller annual sales decline. Cramer also noted that CrowdStrike and Salesforce report after the close, testing whether their rallies are real; Nvidia's Jensen Huang and Salesforce's Marc Benioff are scheduled to appear on "Mad Money."

Cramer also cited several analyst rating changes. Truist downgraded Dick's Sporting Goods and Nike to hold, saying deteriorating footwear trends, especially at Foot Locker, will take more time and money to fix, and by extension it is a bad sign for Nike's turnaround. Jefferies cut TJX to hold from buy and lowered its price target to $145 from $180, seeing the slowdown at T.J. Maxx and Marshalls as worse than acknowledged. Jefferies also downgraded L3Harris to hold, citing uncertainty after CEO Chris Kubasik was ousted and the delayed IPO of its Missile Solutions business. Wells Fargo downgraded GoDaddy to sell from hold, arguing that AI overviews in nearly half of internet searches require GoDaddy to lower prices to stay competitive.