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Shares of Procter & Gamble (PG) - Get Procter & Gamble Company Report were higher in early afternoon trading on Friday after reporting a top and bottom line beat this morning for its 2017 second quarter. 

"The best earnings report that we got this morning is from Procter & Gamble," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" on Friday morning. 

Some people sold P&G because it was more of a "traditional cyclical rotation," Cramer noted. They wanted to be in something like the metals and industrial, but it turns out that P&G "has got something going too." 

The company showed "extraordinary numbers" out of hair care and skin care and was "the star of the morning," he claimed. 

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IBM (IBM) - Get International Business Machines (IBM) Report had a "rocky" conference call for its 2016 fourth quarter and is "more of a push" going forward due to some of the expected changes with the new administration, Cramer noted. 

American Express (AXP) - Get American Express Company Report spent more than expected in the 2016 fourth quarter, but people should "go against the trend of American Express going down," he recommended. 

Lastly, Schlumberger (SLB) - Get Schlumberger NV Report was "far more bullish" in its 2016 fourth quarter report than in its previous report, Cramer pointed out. "So selling Schlumberger here is a sucker's game because you'll end up buying it at $90 two weeks from now."

(Schlumberger is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)