Cramer reviews the top July performers on the Dow Jones and S&P 500

Wall Street finally got what it was ordering from the Federal Reserve, but somehow investors were still disappointed, CNBC’s Jim Cramer said Wednesday.

The central bank cut the benchmark interest rate by a quarter point to the 2% to 2.25% range, but traders who wanted Chairman Jerome Powell to signal future cuts were left unsatisfied. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all sold off more than 1% during the last trading day of July.

The “Mad Money” host said “there was nothing shocking about Fed Chief Jay Powell’s statement, but a lot of people don’t seem to understand how the game is played.”

Cramer took the time to review the month’s biggest winners on the Dow and S&P indexes.

“When you get days like today, where you see … [panic traders] decide that the Fed made a disappointing move, even though we got exactly what we wanted — nothing more and nothing less — look to those July leaders for guidance, and, in some cases, you’re going to find some solid buying opportunities,” Cramer added.

1. Procter & Gamble

Procter & Gamble, which owns the Bounty, Crest and Dawn brands, surged 7.65% this month. Cramer hesitated to recommend the stock ahead of its most recent quarterly report, but the company posted 7% of organic sales growth in its Tuesday earnings report.

“That’s staggering for such an old-fashioned consumer packaged goods company that had been struggling to put up low single-digit numbers for ages,” he said. “Turns out Procter deserved to run. The thing went from a blue chip-dividend play to a growth stock literally overnight.”

2. Apple

Apple climbed 7.64% in July. The stock gained 2% on Wednesday coming off its earnings beat the day prior.

“Buyers don’t care that much about the iPhone sales disappointing, because the wearables and the services are the future,” Cramer said. “Investors always pay more for stocks with recurring revenue. [CEO] Tim Cook’s Apple’s making that transition.”

3. Goldman Sachs

The investment bank watched its stock gain 7.59% this month. Goldman Sachs has been building out a recurring revenue business model, and that’s what the market wants, Cramer said.

“I think it deserves to sell at an even higher valuation. Gigantic buyback will help them get there,” he said. “I just hope Goldman’s ready for the Apple charge card.”

4. IBM

Big Blue’s shares gained 7.5% this month. The stock staged a comeback from low levels and caught steam after closing on its $34 billion deal for the open-source software maker Red Hat on July 9.

“I think the run makes sense, and even up here it still has a 4.3% yield,” Cramer said. “I’d be a buyer.”

5. Intel

Shares of Intel jumped 5.60% during the month.

“The company didn’t really do much to deserve a rally this month,” he said. “It was strictly a BTF situation — better than feared.”

1. Twitter

Shares of Twitter caught fire in July, trending up more than 21%. The social media company topped estimates in its second-quarter earnings report, which Cramer said revealed that the platform is now the “destination choice for advertisers.”

“I think this will be the start, really, of a series of good numbers,” he said. “I’d a buyer into any weakness.”

2. Micron

Micron, which Cramer called “one of the biggest battleground stocks in the entire market,” rallied more than 16% during the month. The commodity semiconductor maker is “a little hostage to the trade talks with China,” he added.

“While the stock got slammed today, down more than 5%, I think it could be … enticing a couple points lower,” the host said.

3. Universal Health Services

Shares of Universal Health Services rose 15.70% in July. The health care provider, one of the nation’s largest, posted a positive quarter last week and reached a $127 million settlement with the federal Justice Department over its behavioral health facilities, Cramer noted.

“That allowed the company to double its dividend and add $1 billion to its buyback, which is why the stock caught fire. CEO Alan Miller is a legend in this business,” he said. “Over the past ten years, his stock’s up 440%. S&P up 196% [in] the same period.”

4. United Parcel Services

The logistics giant, recognizable as UPS, saw its stock climb 15.69%.

“I never thought I’d say this, but the truth is UPS [has] been doing better than FedEx, ” Cramer said. “It’s got that 3.2% yield. I like that.”

5. Discover Financial Services

Shares of Discover Financial Services, a financial technology play, rallied 15.66% during the period.

“Right now, Discover is playing catch up to the heavy hitters in the space … Visa, Mastercard, American Express, ” Cramer said. “Over five years it’s even more glaring. Discover’s gained 62%. Visa, 249%. Mastercard, 279%. At long last, though, Discover’s gotten its act together.”

Disclosure: Cramer’s charitable trust owns shares of Apple