Jim Cramer reviews the ‘terrifying’ ups and downs of earnings season

As Wall Street launches into earnings season, CNBC’s Jim Cramer bemoaned the difficulties of anticipating stock action and discussed Nvidia, Wells Fargo and BlackRock.

“This is the ups and downs of earnings seasons for the pros that are so terrifying,” he said. “I felt glorious that I had nailed Nvidia. But you could have gagged me with a spoon after Blackrock and Wells, and I would’ve deserved it.”

While Nvidia isn’t set to post earnings until August, its stock shot up on Tuesday and hit a new high as Wall Street learned the White House would allow the artificial intelligence powerhouse to sell its chips in China. Nvidia shared the news in a press release Monday night, and on Tuesday, Commerce Secretary Howard Lutnick explained why the administration had reversed course on trade policy. Cramer said he thought Nvidia’s news would be positive for the stock Monday night, and he indicated he was pleased Tuesday morning to find that shares had jumped.

But Cramer said he was disappointed when BlackRock weathered losses after it posted earnings Tuesday morning. The asset manager reported a mixed quarter, and Cramer said investors were focused on BlackRock’s lower net inflows, which contributed to its revenue miss.

Wells Fargo seemed relatively strong coming into earnings season, Cramer said, noting that the bank was finally free from an asset cap set seven years ago by the Federal Reserve. But investors were not happy that Wells Fargo cut its guidance for net interest income. Cramer suggested the issue would be remedied “if you get more aggressive, and they’re getting more aggressive to attract depositors, make loans.” But management seemed unprepared to explain the changing dynamic, he said.

While Cramer said he’s confident BlackRock and Wells Fargo are headed higher eventually, it will take some time. During earnings season, he said, “there’s no such thing as do-overs.”

“I’ll stay behind Wells and BlackRock, with the fig leaf of Nvidia protecting me, but you need to know that, so far, I’m one for three this earnings season,” he said. “And in this business, you know what that is? That’s downright awful. No excuses.”

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Disclaimer The CNBC Investing Club Charitable Trust owns shares of Nvidia, Wells Fargo and BlackRock.