9am Hour: Big Bank Earnings, Apple’s New Home Products, UNH Jumps on Results 10/13/26

SPEAKER_1 (0:00)

Building a portfolio with Fidelity Basket Portfolios is kind of like making a sandwich. It's as simple as picking your stocks and ETFs, sort of like your meats and other topics, and managing it as one big juicy investment.

Mmm, now that's pretty good. Learn more at fidelity.com/baskets. Investing involves risks, including risk of loss. Fidelity Workers Services LLC, member NYSC-SIPC.

SPEAKER_2 (0:30)

Most homeowners have one. That bad window? The one that's drafty, sticks or leaks. You'd love to replace it. But you may think no company wants a one-window project. Renewal by Anderson does. In fact, replacing your worst window can help improve your home's comfort and energy efficiency. Start with just one and see the difference for yourself. During your free consultation, we'll provide an exact price quote, even if you're replacing just one window. Visit renewalbyandersonhome.com. Only valid at participating locations.

David Faber (1:00)

Market insight and analysis. You're listening to the opening bell of CNBC Squawk on the Street.

Carl Quintanilla (1:05)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. That early morning wobble for some of the banks has proven to be short-lived. Most of the names that reported today are positive. Wells is the exception. Memory though under pressure, the cost be down five and a half overnight. Some weakness include, although we've now tied 2022 for the most calendar days in a year, with gasoline averaging above $4 a gallon. Our roadmap begins with the banks kicking off a busy week of earnings. We'll break down the numbers from JPM, Wells, Goldman and Citi.

David Faber (1:37)

Plus another earnings mover we're keeping an eye on, United Health. It's the top performer on the S&P pre-market. The company's earnings did top estimates. It also hiked its outlook for profits.

And Meta, releasing its latest AI model. It is called Muse Wonder. And it says it is very close to the frontier now that OpenAI and Anthropic have been pushing for some time.

Carl Quintanilla (2:02)

Let's get right to the banks here. We worked our way through a few since the early morning hours with Leslie Pickers helped Jim. Goldman, the star here today.

Jim Cramer (2:08)

Yeah, Goldman showed you what kind of balance it has.

It is not an IPO, an M&A shop, it is a wealth management shop. It is a shop that be able to do a lot of different things to facilitate trading and to issue a lot of bonds. Plus they do have Anthropic, which will be great. They will have some OpenAI. They will have SpaceX. So, look, I think that this is a ratification of what they are seeing. David saw them and told you that they would be buying back a huge amount of stock. This is a great opportunity. I think they found, David, that their multiple was regarded as being a little bit too low versus what the market was seeing.

David Faber (2:43)

Yeah, well, as we pointed out, all of the big bank stocks have been down sharply, dramatically over the last six weeks, a couple of months, with the rise in rates in particular, and also some questions about the so-called pipeline.

And I know Jamie Dimon had some comments on that as well on the JPMorgan conference call that we'll share with you, most likely as well. But yeah, I mean, for the highlights for Goldman Sachs, record revenue, right, up 23% year over year, although down 8% quarter to quarter, Jim, as well.

Jim Cramer (3:20)

Look, if the stock were at $1,200, it would be very easy. I'd say I want you to short it till the cows come up. But when you have a stock that's at $893, it sells at 12, 13 times the protocol, it does seem an opportunity. But everything at a price, I think Goldman would be the first one to say everything at a price.

The fact is their stock overshot how badly things are, and people betting that there was nothing else going on except for IPOs, and that the aura deal was defining Goldman. I think it's rather amazing to be like fit by defining Goldman.

David Faber (3:52)

What do you mean? A delayed IPO? Yeah.

Jim Cramer (3:55)

I'm just using that as a metaphor.

David Faber (3:56)

Right. No, I understand. I understand.

Book value per share, there is 372 bucks, right? So that just gives you a sense that it's trading in a nice multiple of its book value.

Jim Cramer (4:06)

Right.

David Faber (4:07)

As opposed to Citi, which as we pointed out many times, 115 is book value.

Jim Cramer (4:11)