3 takeaways from the Investing Club’s ‘Morning Meeting’ on Friday

Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. Reflection on the month of July Earnings: PG, CVX, ABBV AMD could take Intel market share 1. Reflection on the month of July On the final day of trading for July, we look back and see that it has been a strong one for stocks. With the S & P 500 rising 7.5%, it’s time for us to reflect on whether we’re at a point where we should start trimming some names. Over the last two quarters of this year, many companies, including the mega-caps and Club holdings Apple (AAPL) and Amazon (AMZN), have delivered better-than-feared earnings. AAPL and AMZN are up 2.9% and 10%, respectively, today following strong quarterly results reported Thursday. 2. Earnings: PG, CVX, ABBV Club holding Procter & Gamble (PG) reported mixed fourth-quarter earnings on Friday morning, driving by higher commodity costs and the strong U.S. dollar. Shares fell slightly more than 6%. In the Investing Club ‘Morning Meeting’ on Friday, Jim Cramer said this was “not a perfect quarter” but that it gives investors the opportunity to buy. We did just that Friday morning, scooping up 40 more shares of PG . Club holding Abbvie (ABBV) reported mixed second-quarter earnings on Friday morning with a top-line miss and bottom-line beat. The biopharmaceutical company delivered revenues of $14.58 billion versus $14.66 billion expected and earnings per share of $3.37 versus $3.32 expected. ABBV stock fell about 5% following earnings. But Cramer says like Procter, you don’t sell AbbVie when the stock falls. “You wait until they go down and buy,” he added. We’ve held on to ABBV because of its good multiple and 3.7% dividend. Chevron (CVX) reported strong quarterly results, delivering revenues of $68.7 billion versus $58.6 billion expected and EPS of $5.82 versus $5.08 expected. We will stick with the stock for its high cash flow, the company’s focus on strengthening its balance sheet and its increased share repurchasing. CVX stock is up more than 8% on Friday. 3. AMD could take more share from Intel After Intel (INTL)’s dismal second-quarter earnings, we think that Investing Club holding Advanced Micro Devices (AMD) is well-positioned to take some more market share. We are expecting a strong quarter from the chipmaker. AMD reports on Tuesday after the bell. (Jim Cramer’s Charitable Trust is long AAPL, AMZN, PG, CVX, AMD. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.