"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.
Lastly, Schlumberger (SLB) - Get 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.)