Jim Cramer shared his first thoughts on the market Thursday discussing recent earnings and the large number of SPACs.

On Procter and Gamble: The recent earnings report from Procter & Gamble Co (NYSE: PG) is being undervalued by investors, Cramer said.

Procter & Gamble beat earnings per share estimates with a second quarter total of $1.64. Revenue of $19.75 billion beat the estimate of $19.27 billion.

“I thought Procter & Gamble was great,” Cramer said. The long-term projections for Procter & Gamble look good with mid-single-digit growth, he added.

Investors can add Procter & Gamble to help build a diversified portfolio.

“People are yawning at it,” Cramer said, noting investors would rather own GameStop Corp (NYSE: GME) or SPACs.

Related Link: PreMarket Prep Stock Of The Day: Procter & Gamble

On SPACs: The CNBC host added some cautionary tales for SPACs. While there are some good SPACs, there are too many on the market and some could be bringing bad companies public.

“Good money bringing down the rest,” Cramer said.

The SPAC process allows companies the chance to hype something for three weeks and get their share price higher.

Cramer questioned the companies that are launching more than one SPAC at a time and if they can truly commit their time and dedication to all the ventures they’re in.

On Intel: Shares of Intel Corp (NASDAQ: INTC) have risen over the last month with news that it’s changing to a new CEO.

“Intel is pretty static,” Cramer said.

He hopes a new CEO can turnaround as they’ve lost their way compared to rivals like Advanced Micro Devices (NASDAQ: AMD) and NVIDIA Corp (NASDAQ: NVDA): “Intel is full of sound and fury, signaling nothing.”

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