Jim Kramer 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 10.20 a.m. Visit cnbc.com slash morning take to sign up today. That's one word morning tape.

Capital One, top and bottom line miss. Not something you want to see. There was a lot of noise,

though, if you back out some one-time items related to the Discover deal, it actually was pretty

okay. But elevated investment spending on their products

that's going to continue under CEO Richard Fairbank they have to integrate

Brex to that deal just closed credit mostly fine consumer solid a little bit of an

allowance build on the auto side just based off growth in that business, a little bit of a higher subprime mix.

They bought back $2.5 billion of stock.

So that was a good sign. Still have plenty of capacity to keep that going.

Candidly, we would be happier with an EPS beat. We do want to see that happen.

We want to see some of the elevated spend, you know, just more rational levels of spending.

We want to see the expense synergies from the Discovered deal really start to shine.

That's going to be a few quarters from now.

But the stock is still very, very cheap on earnings. Analysts were pretty constructive after the quarter here.

It's confusive.

And that's why you're seeing a stock that's actually up today.

Well, it was down 8% earlier.

I mentioned that. Now, I have to tell you, I mean, you think that Richard Fairbank, who's one and only, with capital one card, he's done a lot of things different.

I don't think he is as

attuned to the numbers, the estimates as most CEOs, like a Morgan Stanley might be or a Goldman

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