In today's Daily Rundown, Jim discusses Johnson & Johnson's (JNJ) quarter (which we wrote about in our Alert here, he recaps Schlumberger's (SLB) quarter (which we wrote about in our Alert here), provides a view of what he is looking for when Comcast (CMCSA) and Abbott Laboratories (ABT) report earnings on Wednesday, and talks about CVS Health (CVS) .

Katherine Ross: Good morning, y'all. I'm Katherine Ross with Action Alerts Plus. I'm here on the floor of the NYSE with Jim Cramer. Jim, let's talk Johnson & Johnson.

Jim Cramer: Yeah, look. Johnson & Johnson beat on every line that I wanted, we'll have a full report out, Johnson & Johnson did not really guide down. I think there's a lot of misinformation. This is a very strong franchise, cancer franchise looks really, really good. Rheumatoid arthritis looks very, very good. Consumer products, very good. Device continues to be weak, continue to expect some sort of transaction there. I do think that J&J's down 15 points from Talc. That seems crazy to me because I think that a lot of the Talc verdict is going to be overturned. It's just, I think, a great opportunity to buy.

Jim Cramer: Now, it needs a weaker dollar. So the currency numbers in the earnings report show a direct correlation that is with the dollar that I think is unfortunate because I think the dollar is strong, you've got to back that out. But I like the quarter a lot. I just think that this is one when the smoke clears. I mean, does it get down to a 3 percent yield, I doubt it. It's a premier franchise with a great balance sheet with a lot of optionality. It's a buying back stock opportunity.

Katherine Ross: Okay. And to do kind of an overview because you were out on Friday.

Jim Cramer: Right.

Katherine Ross: What about Schlumberger's quarter?

Jim Cramer: I like Schlumberger's quarter very much. I do not, look Halliburton is what happens if you're really, you concentrated in the Western Hemisphere, and concentrated in the Permian. Schlumberger's uniquely not Permian it's round world. Starting to get some orders, some of the international oil companies. And some of the countries are starting to drill again, starting to put out. And they need Schlumberger's help. I think that it's a unique moment for differentiation between Schlumberger and HAL we are anxious to buy Schlumberger on a Halliburton pull back.

Katherine Ross: Okay now lets look at ahead. We've got Comcast and Abbott this week, what are you thinking there?

Jim Cramer: Yeah okay so Comcast, what really matters with Comcast to me is that they lay out a vision of debt pay down. So that people realize that the situation is really I think terrific. Abbott is at seventy-one, and that one is coming in hot. Historically when that comes in hot it's not good, Miles, I think Miles White, will tell a decent story. Remember their version of their glucose monitoring division is selling very well. But I don't like stocks that are up that big ahead of earnings. I still think that, that's a premier franchise we never, it never really suffered during the decline. So they're both interesting. Comcast is up nicely from when they were knocked down to 30-31 off the Sky bid, but you know what? They have to lay out a debt pay down or else the stock will come down.

Katherine Ross: Okay and I was talking to Jeff Marks this morning. He was mentioning that you and he just had an interesting conversation about why you should stay interested in the market and that had to do with Palo Alto's upgrades?

Jim Cramer: Yes that absolutely... one of the things is that if you look at Palo Alto, which is down one sixty. We bought it all the way down, now we're up nicely. Palo Alto two upgrades today. And what happens is that if you see cyber terrorism in the news, you know the Chinese are doing a lot of cyber terrorism. North Korea, Russia so you need a firewall, not just comprehensive solution which is Cisco, which we like very much. You have Cisco and you have Palo Alto, really your great defense against the Chinese hacking. So why not buy the stock? Now there'd been some disagreement about whether the CEO would do some big acquisition. He's convinced a lot of the sell side obviously that he's not going to do that. And that's why you get these upgrades. Palo Alto is worth 230-235, back to where it was. Look the CEO, Nikesh Arora, he bought right here. Nikesh bought right here, so if he bought right here you should buy right here.

Katherine Ross: Alright and to wrap it up let's talk about CVS. Cause you like this stock.

Jim Cramer: I'm tired of the selling. I mean people don't understand this is a really beautiful combination. And there's a judge that's against it. And he will be out of the picture soon. Larry Merlo is going to lay out a vision. Larry Merlo hurt the case two weeks ago when he did not come out and give good guidance for CVS. CVS is incredibly low. I never thought I would see it at this price. Particularly with the fact that it's doing so much that's right. CVS is a strong buy. Right here. And you know we can't emphasize that enough to people.

Katherine Ross: Alright Jim thanks for joining me, it's always a pleasure.

Jim Cramer: Thank you.

Katherine Ross: Alright guys, we'll see you guys tomorrow.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long JNJ, SLB, CMCSA, ABT, CVS.