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Shares of Procter & Gamble (PG) - Get Free 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. 

IBM (IBM) - Get Free 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 Free 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 Free 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.)