TheStreet’s Jim Cramer is keeping an eye on J.C. Penney Friday when the retailer posts its third quarter earnings results before the opening bell. Analysts are calling for a loss of $0.55 a share on revenue of $2.88 billion for the quarter. Cramer says he wants to see if J.C. Penney’s problems are ‘as grave as Macy’s.’ He points out that on Wednesday, buried amid the news of J.C. Penney’s class action lawsuit settlement, the store posted strong same-store sales, showing 6.4 percent growth — beating analyst estimates of 5.7 percent. Cramer goes on to say, ‘We had Kohl’s numbers that were good at 1 percent, that wasn’t worse than expected, and so I think people are kind of circling the wagons and saying that Macy’s problems are really just Macy’s. I’m not buying that. I think it’s just way too warm and having come from a retail background I can tell you that if it were much colder, we would be having much better numbers. The cold weather affects everybody, including J.C. Penney.’
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