Cramer's Morning Take: Big Bank Earnings 7/18/23
Squawk on the Street
CNBC
4.1 • 567 Ratings
🗓️ 18 July 2023
⏱️ 4 minutes
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| 0:00.0 | Jim Kramer here to share with you a sample of my take on the market from today's CMBC Investing Club warning meeting. |
| 0:09.5 | Once again, oscillator up. Once again, the yields are slightly down because retail sales were amiss. |
| 0:16.5 | They are slower. And what that is causing people to do is reassess what they should be buying and they're |
| 0:21.7 | buying as amazing as it is, Jeff, another day of the banks going on. |
| 0:26.8 | Yeah, and a lot of that has to do with the good reports we saw from Morgan Stanley, Charles |
| 0:32.2 | Schwab, but that's focused on Morgan Stanley because that's one we own in the portfolio. |
| 0:36.3 | Good beat, $1.24 versus $1.15. What I like, |
| 0:40.5 | the company said they started the quarter with a lot of macro uncertainties impacting the |
| 0:45.3 | business. But by the end of the quarter, much more constructive. That's a good cadence there, |
| 0:50.7 | brought back in a ton of assets. And we should explain to people who are new. |
| 0:55.9 | Cadence is really important because as you go through a quarter, if the last month of that |
| 1:01.5 | quarter is very strong, people will then extrapolate to this month. |
| 1:05.3 | It carries over. |
| 1:06.2 | Yes, it does. |
| 1:06.8 | Right. |
| 1:07.0 | So you definitely want to see the end of the quarter do better than the beginning. That's momentum. |
| 1:12.1 | But $100 billion in net new assets bringing in over $200 billion year-to-date their goal. |
| 1:17.6 | That was very impressive, especially even versus BlackRock. |
| 1:20.6 | Sure. And I do wonder with the crisis in the regional banks that we saw in March, |
| 1:24.8 | if there's a lot of wealth managers that flock to a very, you know, |
| 1:29.1 | stable house as Morgan Stanley. Their goal is a trillion every three years. So that's very |
| 1:36.0 | impressive. They're well on their way. Right. That's sticky assets, which means they should get a |
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