Jim Cramer on Bank Earnings, Coinbase, and Apple

Jim Cramer and Katherine Ross discuss bank earnings for JP Morgan, Goldman Sachs, Wells Fargo plus Coinbase and Apple Live.
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It's hump day.

And it's the start of earnings season, with some of the top U.S. banks posting their earnings. 

So, here are some of the topics that Jim Cramer and Katherine Ross will be covering on Wednesday's TheStreet Live. 

What a Lost Apple Watch Tells Jim Cramer About Apple

"Yesterday someone stole my watch. I happened to have walked out to accompany my wife, Lisa, to the grocery store two blocks away and when I came home it wasn't on my arm. At first, I thought I had taken it off for the Lighting Round, but when I checked the dais there was nothing there. I freaked out and figured it had to be between when Lisa handed me the bag of ice she let me carry and when I walked out the door," Jim Cramer wrote in his Real Money column. 

"I am not going to spare [Bernstein analyst Toni Sacconaghi] Apple  (AAPL) - Get Report because his comments are textbook about why I say own it, don't trade it. Everything that Toni said about Apple is true. Every bit of it. He's a terrific analyst when it comes to the facts and figures of valuation. He's very compelling. Too compelling and that's really the problem. He speaks with great authority about the company, but the stock is NOT the company as anyone who decided to sell it after Toni's answer knows because it was at $119 and it is now at $134," he continued. 

"Should you be angry at Toni if you sold? Absolutely not. You should be angry at yourself for thinking that you could somehow get out and then get back in again six months later. We don't know why Apple has been rallying. We almost never do. But it's precise because of this very clinically dismissive call that I keep saying own it, don't trade it."

TheStreet Live: Everything Jim Cramer Is Watching Wednesday:

What's Worrying Cramer About the Market

Seven issues linger in the back of Cramer's mind when it comes to this market. 

They're not necessarily making him lose sleep, but that doesn't mean that they're not concerns. 

"I'm not a bear, but there are some legitimate concerns in this market," Jim Cramer told his Mad Money viewers Tuesday. He said he wanted to explain some caution he recently acted on by taking more than $100,000 out of the market for his Action Alerts PLUS club charitable trust," wrote TheStreet's Scott Rutt in his Mad Money recap.

"He said he sleeps great, but if anything did keep him awake at night, it would be these seven issues: First, Cramer said, he's getting worried about this quarter's earnings, especially among the financials, which are priced for perfection. Cramer's second worry is inflation. At some point, he said, the rising price of oil, plastics, and goods suffering from our port congestion problem could become permanent," he continued.

Let's Take a Look at Bank Earnings

It's earnings season, folks.

We heard from JPMorgan  (JPM) - Get Report, Wells Fargo  (WFC,) - Get Report and Goldman Sachs  (GS) - Get Report, so let's take a look at how the banks have fared.

JPMorgan's earnings came in at $4.50 per share, up from 78 cents per share during the same period last year and well ahead of the Street consensus forecast of $3.09 per share. Removing the benefit of the reserve release, as well as other one-off items, JPMorgan's first-quarter profit was $3.31 per share.

"With all of the stimulus spending, potential infrastructure spending, continued Quantitative Easing, strong consumer and business balance sheets, and euphoria around the potential end of the pandemic, we believe that the economy has the potential to have extremely robust multi-year growth," said CEO Jamie Dimon.

Then there's Wells Fargo.

Wells Fargo reported earnings of $4.74 billion, or $1.05 a share, compared with $653 million, or 1 cent a share, in the year-earlier period.

"Our results for the quarter, which included a $1.6 billion pretax reduction in the allowance for credit losses, reflected an improving U.S. economy, continued focus on our strategic priorities, and ongoing support for our customers and our communities," CEO Charlie Scharf said in a statement.

And finally, Goldman Sachs.

Goldman's earnings came in at $18.60 per share, nearly six times higher than the tally from last year and firmly ahead of the Street consensus forecast of $10.22 per share. Group revenues, Goldman said, rose 102% to $17.7 billion, again beating analysts' forecasts of a $12.4 billion tally.

“We have been working hard alongside our clients in preparation for a world beyond the pandemic and a more stable economic environment," said CEO David Solomon. "Our businesses remain very well positioned to help our clients reposition for the recovery, and that strength is reflected in the record revenues and earnings achieved this quarter." 

Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer's exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.