In today's Daily Rundown, Jim Cramer discusses the market, COVID headlines, earnings releases from Apple (AAPL) , AMD (AMD) , Alphabet (GOOGL) , Boeing (BA) , Microsoft (MSFT) , NortonLifeLock (NLOK) , Bristol-Myers (BMY) and more!

JEFF MARKS: Happy Wednesday, everyone. This is The Daily Rundown, exclusive to members of Action Alerts Plus. I'm Jeff Marks standing on the floor of the New York Stock Exchange with Jim Cramer. Jim, we got a lot of earnings we got to get into.

JIM CRAMER: Every one.

JEFF MARKS: Let's just dive right into it. Let's talk about Apple. They crushed expectations.

JIM CRAMER: Apple was amazing. Look, I speak to Tim Cook on the earnings days at 3:20, and I go through everything from trying to get them to give a lifetime value for the 700 million subscribers they have and, two, trying to figure out 1.6 billion devices. And the quarter is perfect, except for they said there could be a chip shortage.

Now there's been a terrible chip shortage in the second quarter. It's been a nightmare, except for Apple. So those who decide, you know what, it's going to be really bad this quarter, you have to say, well, wait a second. If a second quarter was a disaster for everybody, except for Apple, well, maybe the third quarter is going to be good. But they were cautious about that, and if you really do believe, by the way, there's going to be a chip shortage and Apple's loyalty is so great, I'll just push back the number of people who are going to get 5G.

5G is an amazing cycle. ATT has put a huge number of phones. They're trying desperately to keep their numbers up. That's something worth watching. China was incredible.

I thought we were supposed to-- China was much better for Apple than Nike, and, remember, Nike soared. But the market's angry. People say that Apple went up too much ahead of time. Once the stock starts going down, it becomes cascade as people search desperately for why it's down and come up with the conclusion that they don't know, so they'll sell.

That's something that I also find is going to happen with Lisa Su and AMD, so I am urging patience. We raised some cash, a little bit, and I'm not going to go buy Apple with it. But remember, we think the market is in the wrong direction, poorly set up because the psychology is so negative right now.

JEFF MARKS: And that psychology, do you think it's that CDC, that mask guidance, has a role to play in there?

JIM CRAMER: Yeah, I mean, look, I don't frighten easily, but I went and I ordered 100 N-95 masks today from 3M. The availability, by the way, is 24 hours. That's very different from when they told you you didn't need masks because there was no availability. The lack of transparency is a nightmare, including Dr. Fauci, and I bought them because the CDC made me very fearful.

And I sat down with my wife last night, and I said, the CDC says we're going to get it unless we wear masks. So I'm going to wear a mask, and I'm not going to go out. And that's it. You say that, then all stocks go down.

JEFF MARKS: All right, now you did bring up Apple before and some of the supply chain constraints they're having. One company that has-- they have enough chips that they actually raise guidance once again after another better than expected quarter. They see upside in the second half of the year. That's AMD. Another beat and raise you had Dr. Lisa Su on.

JIM CRAMER: Google and AMD were the two best. I was kind of shocked at how much AMD is pulling away from Intel. They're now two cities ahead of Intel, and that's because she, Lisa Su, names chip's iterations after cities.

They had Rome, which was where Intel is now. They have Milan, which is where Intel hopes to be, and they'll have Genoa, which is where they'll be later in this year. And that's so far ahead of Intel that you have to go back to what Pat Gelsinger said, the CEO of Intel, and take everything he said with a box of Morton salt.

JEFF MARKS: Yeah, and one thing that stood out to me in that AMD quarter is that strength of the data center business, and that's a higher margin opportunity--

JIM CRAMER: Oh my god.

JEFF MARKS: --than the rest. And we know that once they close that Xilinx deal hopefully by the end of the year, that's the expectation, that they're just going to accelerate that data center strategy.

JIM CRAMER: Yeah, data center and PCs were incredibly strong and enterprise, which is something that they never used to have much luck with, was amazing strong. Every logo of PCs now using them, and you have to use them because they're so far ahead. They have capacity. No news on when Xilinx is going to close, unfortunately, really want Xilinx to close because that will make it diversified away from a lot of their markets.

But this was a miracle quarter, and it showed you that versus last year, extraordinary, versus two years ago, extraordinary. They have out-executed everybody in the semiconductor business. And the stock goes down because we have a bad setup where the VIX is down as the market goes down, and Mark Sebastian, our unbelievable VIX guy, has said over and over again that means we're going to go down again the next day.

JEFF MARKS: Let's hit on Boeing next. Boeing reported a surprise profit this morning-- analysts were looking for a loss-- and a free cash flow. The burn was much smaller than anticipated. You spoke to CEO Dave Calhoun on Squawk on the Street earlier. What do you think about Boeing and their prospects?

JIM CRAMER: The cash flow's better. I didn't expect this. It shows that if they continue to execute, the stock should go to 300. If the Chinese approve the Max, which Dave assured me is in the cards-- 787, it was a full stop. They're trying to really make sure that everybody-- that all is right, all the 787s-- almost all of the 787s are in the air right now, but the ones they're making, they want to be sure are spot on. A much better than expected Boeing quarter, and if the stock gets hit, we're going to have to buy more.

JEFF MARKS: All right, and I'm going to jump-- jumping around a little bit, let's go back to some of the earnings from last night. Microsoft reported better than expected quarter, but analysts were raising price targets left and right into the frame.

JIM CRAMER: Microsoft's up a huge amount into the quarter. I was saying if one more analyst says something positive about Microsoft, it's going to immolate, and that's what's happening. It was an amazing quarter. Amy Hood had told a terrific story. Their one line about Azure was just that they said it's going to stabilize, roughly be the same, is what's killing the market. I cannot believe that - killing Microsoft-- I can't believe the stock has any-- I mean, it should be up, but there are so many people who bulled it ahead of time that you can understand why it's not up.

JEFF MARKS: And Alphabet was a standout last night. YouTube, their digital advertising revenue was incredible.

JIM CRAMER: Alphabet, whether it be YouTube, whether it be Search, whether it be Waymo everything was terrific, and even Google Cloud, while it's not making money, is coming on very strong. So they laid out the thesis about how YouTube is the way to reach younger people. Stop talking about linear TV. Start talking about YouTube.

It was a fantastic quarter. Again, what I'm emphasizing-- I'm not being cynical here. I'm saying that Alphabet is great, but you can wait till it's done going down. AMD is great. I want you to wait.

Microsoft is great. I want you to wait. Facebook will be great. I want you to wait. Apple was terrific. I want you to wait.

JEFF MARKS: All right, we also had NortonLifeLock report last night, and earnings were a little bit better than expected in line. There was no-- they didn't buy back shares because we're waiting on the Avast deal, and that's really what it's all about at this point.

JIM CRAMER: There will be many deals. NortonLifeLock is going to do many deals until they own the space. The personal cyber security space, meaning that you getting hacked, is theirs to win. And I thought the quarter was fine.

JEFF MARKS: Yeah, and we should learn more by August 11. That's the deadline for the deal.

JIM CRAMER: That's too late. We'd like to know now. I get that. If this stock really goes back to where it was, that's crazy. By the way, I had a feeling when UPS-- it had to go down again. Remember, I said that when you have such volume and the stock goes down so much, it means people aren't done selling. Let that come in too.

JEFF MARKS: How did you feel after talking to CEO Carol Tomé last night on Mad Money?

JIM CRAMER: I think she realizes that there was another way to tell the story rather than being diffident about the future. All she really had to say was, we are going after the most profitable business, and the business will be there. And we're very encouraged about how things are going.

JEFF MARKS: Did it sound like to you that buybacks could be in the cards?

JIM CRAMER: Board meeting next week. Dividend boost and buybacks, I believe, will be announced. Wait. Stocks should be down again. Probably goes to 187, 185. And then buy it ahead of next week's board meeting.

JEFF MARKS: All right, so we also had one more company report this morning. Bristol Myers, a much better result than what we saw last quarter.

JIM CRAMER: Well, this is how crazy this market is today. Bristol was good, but it's not that good. But it doesn't matter. See it's not up. Wasn't up into the quarter, and this is-- has to do with the psychology of this market.

And the psychology is, is if it went up a lot, we got to sell it. But if it didn't go up a lot-- now Dr. Caforio going back for them. It's a good quarter. Certainly better than the previous quarter, but the stock has room to run, simply because it hasn't done anything.

JEFF MARKS: All right.

JIM CRAMER: I don't know what to do. I mean, do we just blow it out, or do we let it run because everybody's so desperate for a drug stock that hasn't moved?

JEFF MARKS: I don't-- yeah, it's a good question. We have been slowly scaling out, and it has been slowly trickling higher. So it's been right to sell on scale just because it has been moving up, but that's a good question we'll have to dig into the quarter a little bit deeper on.

JIM CRAMER: Yeah, I mean I just-- I want to emphasize again. Let's take the case of Morgan Stanley. Just be really neutral for a second stock to be owned. Worst day, should be at 100. But Morgan Stanley ran, and now it's coming in.

So what you got to do at home if you just joined the club is recognize what I'm saying is that we could have another down day, and I need you to keep your powder dry if we do. But if it goes up in reverse, it's terrific. You know that it's AMD that I'm saying you can buy. I'm saying Alphabet you can buy. I mean, right now.

Boeing, much better than expected. You can buy. But it's stocks like Bristol that haven't done anything that are going to be stars of the show. Crazy.

JEFF MARKS: All right, so we got a big night of earnings tonight in the portfolio. We'll hear from Ford, Facebook, and PayPal. Any quick thoughts on this list?

JIM CRAMER: Yeah, PayPal is charmed. They always have a bad call. Keep your powder dry. Facebook, they-- if Alphabet's not going up big, then Facebook can't, its run.

And I think that when I look at-- I'm stymied about Ford. I believe that Ford has a great second half story. I don't think they had a great quarter because of the chip shortage, but I would buy Ford right now and buy more Ford tomorrow.

JEFF MARKS: All right, we'll leave it right there. That's the show for today. Another big night of earnings coming our way. That's the show. We'll see you tomorrow.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long AAPL, AMD, GOOGL, BA, MSFT, NLOK and BMY.