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Video: Jim Cramer on Boeing, Facebook, Alphabet, AMD, Starbucks, the CDC

Jim Cramer, on TheStreet Live Wednesday, discusses earnings from Apple, Alphabet, AMD, Starbucks, Pfizer and what the CDC mask decision means for markets.

Is earnings season over yet? 

Stocks opened slightly higher as markets digested earnings from Apple  (AAPL) - Get Apple Inc. (AAPL) Report, Alphabet  (GOOGL) - Get Alphabet Inc. Class A Report, Boeing  (BA) - Get Boeing Company Report, Microsoft  (MSFT) - Get Microsoft Corporation (MSFT) Report, Advanced Micro Devices  (AMD) - Get Advanced Micro Devices, Inc. Report, Bristol-Myers Squibb  (BMY) - Get Bristol-Myers Squibb Company Report, McDonald's  (MCD) - Get McDonald's Corporation (MCD) Report, Starbucks  (SBUX) - Get Starbucks Corporation Report, Spotify  (SPOT) - Get Spotify Technology SA Report, Pfizer  (PFE) - Get Pfizer Inc. Report and much more. 

The Dow Jones Industrial Average was up 47.31 points, the Nasdaq Composite was up 69.00 points and the S&P 500 was up 8.99 points. 

Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks broke down the biggest reports of the morning and what could be coming next as investors await results from Facebook  (FB) - Get Facebook, Inc. Class A Report, Ford  (F) - Get Ford Motor Company Report and PayPal  (PYPL) - Get PayPal Holdings Inc Report after the bell.

Watch the full interview on TheStreet Live at 10:00 a.m. ET in the video below: 

Too Much of a Good Thing? 

Despite strong results, many of the biggest companies moved lower following reporting earnings. Cramer took to Real Money Thursday to hypothesize that stocks are facing a prism effect. No matter how strong the earnings report, we are in a period where stocks are done going up and the apocalypse is nigh, Cramer wrote. 

"Right about now in earnings season our confidence shifts. If the first two weeks were negative and we got hammered then we would have a change of heart right about now. We would start looking at bad as not so bad, good as great and great itself as a propulsion rocket of astounding proportions that has to be bought no matter what."

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Earnings Recap

Advanced Micro Devices

AMD reported adjusted earnings per share of 63 cents on revenue of $3.85 billion. Revenue grew 99% from the same quarter in the prior year. 

Alphabet 

Google's parent company Alphabet reported second quarter earnings of $27.26 per share on revenue that jumped 62% year-over-year to $61.9 billion. Alphabet saw advertising revenue rise 69% from last year.

Apple

Apple reported earnings per share of $1.30 on revenue of $81.4 billion on strong iPhone sales and a comeback in China. 

Boeing 

Boeing posted its first quarterly profit in more than two years, reporting adjusted earnings per share of 40 cents on revenue of $17 billion. 

Pfizer

Pfizer reported adjusted earnings per share of $1.07 on revenue of $19 billion. Pfizer said its coronavirus vaccine sales would reach at least $33.5 billion this year. 

Starbucks 

Starbucks reported non-GAAP earnings of $1.01 per share on revenue of $7.5 billion, exceeding estimates. 

Alphabet, Apple, Boeing, Bristol-Myers Squibb, Advanced Micro Devices and Microsoft are holdings in Jim Cramer's Action Alerts PLUS charitable portfolio. 

Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Wednesday's Daily Rundown.