Cramer's week ahead: Major banks, Taiwan Semi and Netflix report as earnings season kicks into full swing

As earnings season gets under way, CNBC's Jim Cramer on Friday gave investors advice on what to watch next week on Wall Street. Along with, he pinpointed reports from various major banks Netflix And Taiwan Semiconductor.

“We are at the beginning of one of the four reporting periods of the year,” he said. “They're random. They're open to a lot of interpretation. They're fast. So listen to the calls, think for a while, and only then should you pull the trigger.”

But on Monday, Cramer said he would not focus on earnings. Instead, investors will digest China's new stimulus package, which is set to be released this weekend. He expressed optimism about the Chinese economy if the government could invest billions in real estate and the stock market.

Tuesday brings reports from major players in the financial sector: Charles Schwab, Goldman Sachs, Bank of America And City Group. Wall Street hasn't backed Schwab of late, but Cramer wondered if that might change after the report. He said he was confident in Goldman Sachs' success and noted that analysts were positive about Citigroup. Bank of America could see a boost now that Warren Buffett is no longer required to report his stock sales as frequently, Cramer added.

Johnson & Johnson, Walgreens And United Health Group Also in Tuesday's earnings report, Cramer noted that the latter regularly beat expectations. Johnson & Johnson saw a new development in its ongoing talc lawsuit this week that could aid settlement efforts. Cramer suggested the company may be close to putting its litigation issues to bed so investors can start focusing on earnings. He predicted that Walgreens would disappoint in the quarter.

Wednesday, Morgan Stanley And Abbott Laboratories will report Morgan Stanley shares have rallied since the company brought in a new CEO earlier in the year, Cramer said, prompting investors to “hold on for the ride.” Although its future While Abbott Laboratories' lawsuits remain up in the air, Cramer said recent comments from the Food and Drug Administration, the Centers for Disease Control and Protection and the National Institutes of Health — which suggest that the controversial infant formula does not harm children — could turn the tide in the company's favor.

Taiwan Semiconductor reported Thursday, and Cramer said the stock strengthened because it makes high-value chips. Nvidia. He was optimistic about Netflix's report that day because of its new advertising levels and the highly-anticipated release of Squid Game 2, which could attract subscribers.

Friday, Procter & Gamble will report, and Cramer said he is concerned about the company's business in China. SLB And American Express Also reports earnings on Friday, and Cramer noted that the former company's stock “hasn't been able to catch fire” despite rising oil prices in recent weeks. He also said the credit card outfit is one of his favorites and would be a buyer if the stock falls ahead of the report.