Jim Cramer: JPMorgan's Quarter Was 'Flawless'

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Stocks were in the red on Friday, Jan. 15 following President-elect Joe Biden's unveiling of his $1.9 trillion COVID-19 relief package. 

Both JPMorgan and Wells Fargo  (WFC) - Get Report impressed with their earnings.

Walls Fargo reported net income of $2.99 billion, or 64 cents a share, for the fourth quarter, vs. $2.87 billion, or 60 cents a share, in the comparable year-earlier period. Analysts polled by FactSet had been looking for earnings of 58 cents a share.

JPMorgan earnings came in at $3.79 per share, up 47% from the same period last year and well ahead of Wall Street's consensus forecast of $2.62 per share. Group revenues, JPMorgan said, rose 3.4% to $30.2 billion, again ahead of analysts' estimates of a $28.7 billion tally.

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