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Jim Cramer: Forget Bank Earnings, Focus On Facebook

Jim Cramer: Forget Bank Earnings, Focus On Facebook

Thursday's trading session was dominated by some of the biggest banks reporting their quarterly results. But according to JPM) and Citigroup Inc (NYSE: C)'s results show the banking sector has "come back to its senses" while Wells Fargo & Co (NYSE: WFC)'s report was a "wash-out quarter."

As such, investor attention should shift away from financials and into the social media space after Facebook Inc (NASDAQ: FB)'s announcement its Messenger app boasts 1.2 billion users. Cramer suggested that many investors who initially thought Messenger was a poor idea have now been proven wrong.

Facebook Versus Snap

Cramer also suggested that Facebook's continued success in its many different properties is proof that its CEO Mark Zuckerberg is a "titan" that loves to compete more than anybody else. In fact, Cramer added that Zuckerberg's appearance of not being a titan is a major advantage as fools' competitors into jumping to the wrong conclusion about his character.

"He wants to monopolize," Cramer said while jokingly adding that "Snap Inc (NYSE: SNAP) would do better if they call the Justice Department."

Speaking of Snap, Cramer highlighted the fact that it will report its first ever earnings as a public company on May 10. He hinted that the earnings call could support a commonly held belief among investors that the company is "not as good as we thought because of Facebook."

Related Links:

JPMorgan Inches Higher On Q1 Beat

A Look At Citigroup's Q1 Earnings Beat

Wells Fargo's Revenue Miss Sends Stock Down

Latest Ratings for C

Jan 2021BarclaysDowngradesOverweightEqual-Weight
Nov 2020Morgan StanleyMaintainsOverweight
Nov 2020Keefe, Bruyette & WoodsUpgradesMarket PerformOutperform

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