Jim Cramer top 10: Amazon leads futures while Apple and Roblox slide

CNBC’s Jim Cramer top 10 list for Friday, July 31, put Amazon at the center of a rebound in stock futures after the company’s earnings report helped extend Thursday’s market rally. For everyday investors, the setup showed how quickly earnings season can reset sentiment: Microsoft’s beat had already lifted the prior session, while the Dow had posted its worst one-day drop since April 2025 on Wednesday, according to Cramer.

Amazon shares were up more than 10% in the morning, Cramer said, after CEO Andy Jassy explained how the company expects heavy artificial intelligence spending to pay off as more data centers open and server capacity gets used. Cramer’s Investing Club kept its buy-equivalent 1 rating and $300 price target on the stock.

What stocks was Jim Cramer watching Friday?

Cramer’s list covered several earnings-driven moves across tech, industrials, aerospace, payments and autos. Apple, another Investing Club holding, fell nearly 8% after results, even though the iPhone maker beat earnings expectations, because current-quarter guidance was weaker due to supply constraints tied to a DRAM shortage, Cramer said. DRAM is memory used in devices and servers, and tight supply can raise costs or limit how many products a company can ship.

Cramer said Apple is competing for memory supply against large cloud and AI infrastructure buyers that are willing to pay aggressively. He also pointed to CEO Tim Cook’s comments on Apple Intelligence during what Cramer described as Cook’s final earnings call, saying the AI features could increase the iPhone’s value to consumers. The Investing Club raised its Apple price target to $340 from $300.

Intel also remained in focus. Cramer said hedge fund Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, was the seller of Intel shares a week earlier after the chipmaker’s earnings report. Cramer said he believed Intel’s stock belonged at $110, where it traded before pressure tied to that selling.

Industrial names Linde and Eaton both reported results above analyst estimates on revenue and earnings, according to Cramer. Linde’s current-quarter guidance looked light to him, but he described the company’s management as conservative and said its semiconductor manufacturing business is growing, with two additional long-term supply deals announced Friday. Eaton’s second-quarter beat came after the company moved in June to shed its slower-growth mobility business, a step Cramer said made it more directly tied to AI-driven power demand.

Boeing drew attention after the Financial Times reported positively on the company’s turnaround efforts under CEO Kelly Ortberg, including improved relations with regulators after years of safety and operational problems. Cramer said free cash flow improvements reported during Boeing’s earnings week supported the turnaround case, and his Investing Club upgraded the stock to a 1 rating.

Roblox moved the other way. Deutsche Bank cut its rating to hold from buy, citing a disappointing third-quarter outlook and reduced near-term visibility, according to Cramer. BTIG and BMO Capital also downgraded Roblox for similar reasons after the online gaming platform projected slower revenue and bookings growth. Cramer said shares were down about 22% before the open.

Tesla was on the list after The Wall Street Journal reported, citing people familiar with the discussions, that the company was considering a sale or spinoff of its China business before a possible merger with SpaceX. Elon Musk, who leads both companies, rejected the report on X, calling it “fake news.”

Mastercard received positive analyst attention after earnings. Cramer noted Raymond James lifted its price target to $632 from $609, citing a strong beat, revenue outlook and better cross-border trends. Morgan Stanley raised its target to $681 from $679, with analysts saying they were encouraged by the durability of Mastercard’s core trends.

This story draws on original reporting from CNBC.