CNBC Investing Club: Cramer’s Morning Take on Wells Fargo 10/13/26

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Jim Cramer (1:02)

Jim Cramer here to share a short preview of my take on the market from today's members-only CNBC Investing Club morning meeting. Join the club for full access to the morning meeting every day at 1020 a.m. Visit cnbc.com/morningtake to sign up today. That's one word, morning take.

SPEAKER_6 (1:23)

Wells was mixed. The conference call is going on now. They did miss on revenue by about $430 million, but it was an EPSB. ROTC good 16.3 percent, net interest income, non-interest income, light. That's why the stock is down, but NIMS stabilized as we thought it would. Better than expected, first time in many, many quarters. Expenses in check, down 1 percent year over year, a little bit better than expected.

But here's what I'm focused on, is because we know this year has been a tough year for Wells. So let's look forward to 2027

The way they are talking about the fourth quarter with NII, net interest income at 13 billion, that's better than estimates. They reiterated their full year expense outlook for this year. So it does look like maybe numbers for 27 can move higher, and perhaps that's why the stock is down only just two bucks here.

Jim Cramer (2:21)

Charlie Sharpe told me the CEO, look, we're set up for higher rates. Most people aren't. You wanted net interest margin to stabilize. We gave that to you. We're moving up on the cap tables when it comes to M&A, when it comes even to IPO. He just said, listen, we just continue to cut cost, cut cost, cut cost. Now, I've known Charlie for, I don't know, about 25 years.

And Charlie periodically says, listen, my stock's too cheap. He said it at 33, 34

And he bought back a lot of stock. And he was articulating a similar view to me today. So here's the way I feel about that.

People don't speak to Charlie. I speak to Charlie. I've known him for a long time. People don't speak to Charlie. You're gonna sell it down to 77 And I understand that. Why are they gonna do that? Because they've decided that the crowd is getting out of the stock. And we have gone against the crowd so many times here. The crowd had to get out of MEDA at 500 The crowd had to get out of Microsoft at 3400 The crowd has to get out of Intel at 99 I'm not playing that game. We are playing a longer term game. And the longer term game says, buy Wells Fargo.

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All opinions expressed by Jim Cramer on this podcast and in connection with the CNBC Investing Club are solely Cramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by Cramer on television, radio, internet or another medium. No specific outcome or profit is guaranteed in connection with your reliance upon or other use of the content from Cramer. The opinions offered in connection with this podcast and the CNBC Investing Club are not an attempt to induce any particular trading behavior, investment or strategy. To view the full CNBC Investing Club disclaimer, please visit cnbc.com/investingclubdisclaimer.

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