This morning's Wells Fargo ( WFC) quarter was a "thing of beauty," James Cramer said Tuesday on CNBC's "Stop Trading!" segment.

Cramer said Tuesday's bank earnings brought out the good, the bad and the ugly for investors. The good was Wells Fargo, which Cramer said is showing consistent, internal growth, rather than the hyped-up acquisition-driven growth that the likes of Bank of America ( BAC) have been leaning on.

The bad was Commerce Bank ( CBH), which fell 9% in heavy trading after the bank said regulators are looking at certain transactions involving officers. Still, Cramer said he believes that the probe isn't likely to be material and that investors willing to make a bet on the Fed cutting interest rates will find a "the best run bank in North America" selling at two times book value. The stock, he added, is "becoming cheap," given the right rate situation.

The ugly is IndyMac ( NDE), which Cramer would sell despite Tuesday's 7% decline. He said the bank shares the woes of two troubled sectors: the homebuilders and the subprime lenders. That quality means the stock is "everything bad rolled into one," Cramer said.

Cramer said he believes that Bank of America should shy away from making further acquisitions but that he could see the company buying National City ( NCC) or Comerica ( CMA).

Cramer, citing a call by CGM Funds manager Ken Heebner, also likes commercial real estate plays SL Green ( SLG) and CB Richard Ellis ( CBG). "Heebner owns this segment," Cramer said. "No one is better than Heebner."

At the time of publication, Cramer had no positions in stocks mentioned.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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