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Jim Cramer Can't Get Over How 'Pathetic' Bank Stocks Are

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Markets opened with muted gains Wednesday amid a mixed picture from major bank earnings, and news late Thursday that Eli Lilly was ordered to pause its late-stage trial of its antibody treatment.

The Dow Jones Industrial Average rose 99 points, or 0.35%, to 28,779, the S&P 500 gained 0.44% and the Nasdaq was up 0.49% in early trading.

While Goldman Sachs GS reported a solid earnings beat, Wall Street was confronted with mixed results from Bank of America  (BAC) - Get Bank of America Corp Report and Wells Fargo  (WFC) - Get Wells Fargo & Company Report.

Goldman Sachs reported adjusted earnings of $9.68 per share, doubling the $4.79 posted for the same quarter in the prior year. Revenue of $10.78 billion rose 30%, exceeding estimates of $9.46 billion. 

Jim Cramer said he can't get over just how "pathetic" the bank stocks are. 

"Even when they deliver great numbers, it just doesn't matter.... Goldman Sachs was unbelievable and it's [the stock] is literally down," Cramer told Action Alerts Plus research analyst Zev Fima. 

"Until the Fed raises [interest] rates, you can't own a bank, and even then maybe you can't," Cramer added. 

Cramer said banks are being impacted by their presence in ETFs as well as a Millennial generational aversion to big banks, when services such as PayPal are available. 

Katherine Ross has the morning off and will return Monday, October 19. 

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