Yes, the averages all rallied on Tuesday, but that didn't stop Jim Cramer from wanting to scream. The action he saw in the markets was destructive as investors made snap judgments that led to stupid decisions.
"They might as well call it mistake season for all the ridiculous moves people are making," the "Mad Money" host said.
Cramer went down the list of stupidity he saw to show just how costly these earnings season mistakes can be.
JPMorgan, Wells Fargo and Johnson & Johnson all reported on Tuesday, and the action in their stocks had a level of lunacy that told Cramer that the people trading them were totally clueless. But the one that really took the cake of craziness for Cramer was JPMorgan.
As for Johnson & Johnson, Cramer recommended that its CEO take a chapter out of the book from Celgene when it bought Cramer-fave company Receptos for $232 per share in cash. It is time for some radical action with Johnson & Johnson, such as a split to break the company up into three divisions of consumer, devices and pharma.
"Congrats to all who bought Receptos after my endless recommendations and interviews with CEO Faheem Hasnain, who has done such a great job for shareholders, as has Celegene CEO Bob Hugin for that matter," Cramer said.