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

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0:47No matter your industry or role, your agent has the skills to help every team stay in their flow. Seriously, make work less work with Gemini on Google Cloud. Check response, subscription required. 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 slash morning take to sign up today. That's one word, morning take. Wells was mixed. The conference call is going on now. They did miss on revenue by about$430 million, but it was an EPSB.

1:28ROTC goods, 16.3%. 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 % 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. And 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.

2:14And perhaps that's why the stock is down only just two months here. Charlie Sharp 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 costs, cut costs, cut costs. 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.

2:52So 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 going to sell it down to 77. And I understand that. Why are they going to 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 Met at 500. The crowd had to get out of Microsoft at 3 ,400. 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.

3:51any particular trading behavior, investment, or strategy. To view the full CNBC Investing Club disclaimer, please visit cnbc.com forward slash investing club disclaimer.

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