NEW YORK (
) -- There's more good than bad in these earnings numbers.
didn't have enough fixed-income trading to make the numbers.
disappointed, as did
). But let's go underneath. Let's look at the big hits, not just the misses.
I think you will find many more good than bad, including this morning's reports from
, which had been a real laggard, and
, a perpetual star. These two companies gave you exceptional global order growth and look clean.
Consider the other contrasts. You may be worried about tech from IBM and Xilinx. But consider
. This gigantic Internet search company has been stalled for the last six months, contributing little to the
historic run. It seemed like Google was just one more company that misjudged the speed with which people went mobile and didn't have the right ad tools to capitalize off of it. Now it seems that the company does have both the ad campaigns and the accelerated viewership, particularly on YouTube, that can be monetized, so there is a healthy and needed revaluation going on. Very clean quarter. Truly offsets whatever IBM has to say.
Then how about the opposites to Goldman Sachs?
, ex-litigation, gave you a terrific number, much better than Goldman's.
was stupendous, frankly, calling into question the whole negative rap about the consumer that eBay offered. I thought
wasn't perfect, but the market ate it up.
shot the lights out. They all trump Goldman.
Or how about health care?
Johnson & Johnson
posted much-better-than-expected top and bottom lines. These were very strong quarters.
wasn't that much to write home about, but the market didn't mind and it loved
quarter. Sure, Xilinx was a bummer, but
, a much bigger company, delivered what the market wanted or it wouldn't be on the verge of breaking out.
Chipotle Mexican Grill
came through with numbers that had the stock vaulting nearly 8% premarket. Chipotle's been flying high of late, which worried me that somehow it would disappoint. But the same-store sales numbers came through very strong and the growth prospects, including new concepts like Chop House and new foods like Sofritas, the vegan dish, are just now beginning to roar.
I know there are numbers that show that we have had the most downside surprises in years, so far. But I think you need to look at three things to determine a downside surprise:
- Did the top line miss?
- Did the bottom line miss?
- Did the stock do nothing or go up anyway?
If you use that prism, I say so far, so very good.
Not a great run for the bears, even as I think they have already qualified the earnings season as a losing one.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long WFC, JPM, JNJ and XLNX.
Editor's Note: This article was originally published at 8:08 a.m. EDT on Real Money on Oct. 18.