Bristol Myers goes direct-to-consumer on one of its blockbuster drugs. Here's our take

Every weekday, the CNBC with Jim Cramer releases the stretch — an actionable afternoon, time for the last hour of trading on Wall Street

Market moves: Stocks were higher Thursday as the market continued to make its way through second quarter earnings season

Job cuts: Amazon cut jobs at its Amazon Web Services cloud computing division, the company confirmed on Thursday, in this volatile climate

Moreover, The size and scope of the layoffs were un, but workforce reductions could help support margins in the quarters ahead, considering recent developments

We're not concerned that this is a warning sign around slowing demand – it's the company trying to get more efficient

If AI played a role in this, it speaks to the discussion we had on Wednesday's Morning Meeting how large companies — Dell, Amazon, and Microsoft — have embraced AI and are seeing their operating expenses as a percentage of sales drop, according to Melius Re

Moreover, The ability to do more with fewer employees is positive for earnings leverage in the years ahead

Meanwhile, DTC drugs: Bristol Myers Squibb and Pfizer announced on Thursday that they will begin selling the blood-thinning medication Eliquis directly to patients through their Eliquis 360 support gram at a 40% discount to the current list price

Eliquis is one of Bristol-Myers' top-selling drugs

However, Bristol Myers labels the drug as part of its "legacy portfolio" and not its "growth portfolio" since it is expected to face generic competition in the United States in a few years, amid market uncertainty

Moreover, Importantly, analysts at Leerink do not believe the discount will be a net pricing headwind for either Bristol Myers or Pfizer, as the drug is already heavily rebated to pharmacy benefit managers

Nevertheless, Conversely, The drug companies can circumvent the middlemen with these grams, which is why Bristol Myers' stock isn't lower on this news (which is quite significant)

Also, selling directly to patients at a lower price should help pharma companies gain much-needed favor with the Trump Administration, especially with the threat of drug pricing reform and tariffs looming (noteworthy indeed)

On the other hand, However, we're not going to be buyers of Bristol Myers on this news (something worth watching)

We're waiting to make our next decision on the stock until we see the Phase 3 readout of Cobenfy for Alzheimer's psychosis

This analysis suggests that data is due sometime in the late third quarter or early fourth quarter, and it will be a make-or-break moment for our thesis

Moreover, We're hopeful for a successful trial, but we lost a lot of conviction in Cobenfy ing its disappointing Phase 3 trial as an adjunctive treatment to atypical antipsychotics in adults with schizophrenia

Up next: Netflix and Interactive Brokers report earnings after Thursday's closing bell

On Friday morning, it's quarterly results from American Express, Charles Schwab, and 3M (noteworthy indeed)

In contrast, We'll be paying most attention to the American Express results as they will vide a read-through into Capital One ahead of its results next week

Market analysis shows 3M quarter is a read-through into DuPont and parts of Honeywell

Additionally, Friday's economic data includes June housing starts and a preliminary read on the University of Michigan consumer sentiment survey, which also vides participants' 1-year inflation expectations. (Jim Cramer's Charitable Trust is long AMZN, MSFT, BMY, COF, DD, HON

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On the other hand, — plus, reasons behind the mixed marketJeff MarksMeta keeps AI spending spree going — plus Amazon shuts down Prime Day criticsJeff MarksRead More, considering recent developments.