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) -- There's more good than bad in these earnings numbers.



(IBM) - Get International Business Machines (IBM) Report

was abysmal.

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report

didn't have enough fixed-income trading to make the numbers.


(EBAY) - Get eBay Inc. Report

disappointed, as did


(XLNX) - Get Xilinx, Inc. (XLNX) Report


TheStreet Recommends


(UNH) - Get UnitedHealth Group Incorporated Report



). 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

General Electric

(GE) - Get General Electric Company (GE) Report

, which had been a real laggard, and


(SLB) - Get Schlumberger NV Report

, 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


(GOOG) - Get Alphabet Inc. Class C Report

. 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?

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. (JPM) Report

, ex-litigation, gave you a terrific number, much better than Goldman's.

American Express

(AXP) - Get American Express Company Report

was stupendous, frankly, calling into question the whole negative rap about the consumer that eBay offered. I thought

Wells Fargo

(WFC) - Get Wells Fargo & Company Report

wasn't perfect, but the market ate it up.

Capital One

(COF) - Get Capital One Financial Corporation Report

shot the lights out. They all trump Goldman.

Or how about health care?

Johnson & Johnson

(JNJ) - Get Johnson & Johnson (JNJ) Report


Abbott Laboratories

(ABT) - Get Abbott Laboratories Report

posted much-better-than-expected top and bottom lines. These were very strong quarters.


(KO) - Get Coca-Cola Company Report

wasn't that much to write home about, but the market didn't mind and it loved


(PEP) - Get PepsiCo, Inc. Report

quarter. Sure, Xilinx was a bummer, but


(INTC) - Get Intel Corporation (INTC) Report

, a much bigger company, delivered what the market wanted or it wouldn't be on the verge of breaking out.

Last night

Chipotle Mexican Grill

(CMG) - Get Chipotle Mexican Grill, Inc. Report

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.