Cramer’s week ahead: Fed decision and earnings from General Mills, Darden and Nike

CNBC's Jim Cramer walked investors through next week's Federal Reserve meeting and big earnings from General Mills, Darden Restaurants, Nike and more.
He also mentioned earnings from Micron, Lennar, FedEx and Carnival.

CNBC's Jim Cramer on Friday walked investors through next week's Federal Reserve meeting and big earnings from General Mills, Darden Restaurants, Nike and more.

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On Monday, the trial between Qualcomm and Arm Holdings begins. Cramer said a victory for Arm Holdings would take away Qualcomm's license to use some important chips in cellphones and laptops. He added that the smart move is to bet on a settlement, which he believes would be good for everyone.

Retail sales numbers are out Tuesday morning, on the eve of the Fed meeting, and Cramer said there will be hot debates around the numbers as investors aim to figure out whether consumers rallied on Black Friday amid a shortened timeframe between Thanksgiving and Christmas.

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The Fed meets Wednesday and is expected to cut interest rates by a quarter percent. Cramer said the fixation on the Fed can distract from long-term performance and lead to bad decisions from investors. Wednesday also brings earnings from General Mills, Micron and Lennar. Cramer said he's worried about GM as Robert F. Kennedy Jr.'s healthy-eating approach could put a major source of the company's profits under fire. Micron could keep rising after shares rallied on Friday, but Lennar may have a harder time as housing stocks fell following Toll Brothers' sub-par earnings, Cramer said.

Darden Restaurants, Nike and FedEx report on Thursday. Cramer said Darden's high prices might get pushback and the company needs to entice more consumers who are looking for the best value, while Nike needs to bring more innovation to compete with Adidas, Deckers' Hoka and On Holding. With transport numbers on the rise, Cramer said he's more hopeful for FedEx amid the company's efforts to cut costs and improve gross margins.

The personal consumption expenditures index is out on Friday, and Cramer said the Fed's decision may bring a lot of negative discussion if the number runs hot. Carnival rounds out the earnings week, and Cramer said cruises might be the most bullish vertical in the S&P 500, and he expects the company to beat Wall Street estimates.