These big banks even buy in this environment of interest rates

CNBC 's Jim Cramer said on Wednesday that a number of bank stocks deserved to be bought despite signs of a weakening economy and that the Federal Reserve is not would not raise interest rates this year.

The banking cohort that has reported profits up to now – Citigroup, JPMorgan Chase, Wells Fargo and Goldman Sachs – totaled $ 29.5 billion, which the host of "Mad Money" has described as & # 39; "amazing".

"Let's just say that they have become a lot more attractive here after this week," he said. "These are extraordinary profits – when you make so much money, you're good that your stocks are trading at higher valuations than they were before."

• JP Morgan: The bank works in every facet, including credit quality, commercial banking and spending, all right, Cramer said. At 11 times the estimated earnings in 2019 and a 3% yield, it's a purchase, he said.

• Citgroup: It's a purchase with earnings and earnings above expectations, and a 9.3-fold trading estimate this year's profits with a return of 2.5%, did it? he declares.

• Goldman Sachs: Revenues have exceeded expectations by more than $ 600 million and stocks are trading "cheaply" at 9.4 times earnings estimates for 2019, making it a buyout, Cramer said.

• Bank of America: The company's revenues and revenues are consistent and constitute a slot machine, making it a 10.4 times larger purchase than this year's earnings estimates, he said.

• Wells Fargo: "With regard to big banks, the only questionable neighborhood comes from troubled Wells Fargo countries, which just do not seem to have reduced their efficiency enough," Cramer said. If they bring a new CEO, "who knows?"

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There are two economies in play right now and "for the moment, they are not synchronized" based on the earnings results that Wall Street has enjoyed so far, Cramer said.

The American consumer is still strong, as shown by the results published by the banks, but the CSX railway company tells a different story, he said.

CSX shares fell by more than 10% during the session after the transport giant missed earnings per share and revenue in the second quarter. The company now expects its turnover to fall by 2% in 2019 after initially forecasting a 2% growth, which will prompt its chief executive, James Foote, to call the economy "the company". one of the most difficult of my career. "

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Facebook is expected to abandon its cryptocurrency project and buy Square, the payment platform run by Twitter CEO Jack Dorsey, which has a market capitalization of $ 34.2 billion and a well-established bitcoin game. declared Cramer.

Cramer was initially a supporter of the social media giant's planned foray into the digital money market with the Libra coin announced, but changed course after seeing Big Tech get burned during antitrust hearings held at Capitol Hill. Facebook should just drop the concept, said Cramer.

"This is clearly more harm than good," said the host, addressing the message beyond Facebook's viewers and leadership. "Instead, take some of your money, you want to go into payments, just go buy Square [for] 70 billion dollars … [and] Block Square's payment network worldwide. Square Cash is going to be Facebook Cash. "

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Cramer recommended investors to adhere to the turnaround of the Boston Beer Company.

The beer maker Samuel Adams, after years of declining sales, has seen his course more than double and break the $ 400 mark "in one of the most spectacular returns I've ever seen. have never seen, "said the host.

"Losing stocks can become a winner again when bold management makes informed decisions and cheats the ball," he said. "I think it's an important story because it shows you how companies that have been depreciated and left for dead can, in effect, become relevant again if they have excellent management."

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During Cramer 's lightning party, the host of "Mad Money" comments in no uncertain terms his choice of shares of the day.

Core Laboratories: "I think at the end of the week we have Schlumberger … frankly, it was a real disaster and we're going to find out more." Let's take it as an example and show if it's necessary buy Core Labs or not. "

Triplepoint Venture Growth: "I know him well, which is a problem because you can not know him.It's a bit of one of those OPEC companies." We do not know really what's in it … so I'll have to say do not buy, do not buy. "

The Cato Corp: "You got a good price for skidding, it's a marginal retailer, there's no room for marginal sales in a market dominated by Amazon and Shopify."

Disclosure: The Cramer Charitable Trust holds shares in Schlumberger, Amazon, Shopify, Facebook, JP Morgan Chase, Citigroup and Goldman Sachs.