Happy Fri-yay!

Jim Cramer is out Friday, so Jeff Marks, senior portfolio analyst with Jim Cramer's Action Alerts PLUS portfolio, is filling in.

So, without further ado, let's take a look at HP (HPQ - Get Report) , Salesforce (CRM - Get Report) , and, of course, the U.S.-China trade war.

And There's More Trade Headlines

China announced retaliatory tariffs on 5% to 10% on another $75 billion worth of U.S. goods, including oil, effective Sept. 1, as well as resuming 25% tariffs on U.S. autos, effective Dec. 15.

"In response to the measures by the U.S., China was forced to take countermeasures," the Chinese State Council said in a statement on Friday. "The Chinese side hopes that the U.S. will continue to follow the consensus of the Osaka meeting, return to the correct track of consultation and resolve differences, and work hard with China to end the goal of ending economic and trade frictions."

HP Is Getting a New CEO

HP announced Thursday that CEO Dion Weisler would step down from the top positions due to a family health matter and return home to Australia.

HP said that Weisler will continue as a director until the next annual meeting. Weisler joined HP in 2012 and has been president and CEO since 2015.

Enrique Lores has been with HP for 30 years. Since 2015, he's headed the imaging, printing and solutions business, which accounted for $20 billion, or a bit more than a third, of HP's fiscal 2018 revenue of $58.5 billion.

Reviewing Salesforce's Quarter

The company reported earnings of 66 cents a share, well above forecasts of 47 cents. Revenue of $4 billion rose 22% from a year earlier and beat Wall Street estimates of $3.96 billion.

"An enormous wave of digital transformation is sweeping across every industry, and major brands, like FedEx, AXA and Unicredit, turned to Salesforce in the quarter to propel their growth," said co-CEO Keith Block. "The trust our customers have in us to drive their digital transformations is reflected in our strong quarterly results across our clouds and regions."

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