"They reported exactly what the bulls wanted," said Cramer, whose charitable trust owns shares of the New York-based food and beverage company.
Pepsi's stock rose Tuesday after the company reported fiscal second-quarter earnings that beat Wall Street's expectations. Sales of Cheetos and other salty snacks continued to offset its slumping soft drinks business.
"Maybe we got too negative," Cramer said on "Squawk on the Street." "Be careful, you'll be steamrolled if [earnings] are like PepsiCo."
Cramer, who had expected the stock to fall after the company reported earnings, said last week that Pepsi would set the tone for the rest of the earnings season.
Cramer said Tuesday that he expects that Wells Fargo will be a "standout" among the bank numbers.
Wells Fargo had little international exposure and was primed for an "excellent" earnings report, the "Mad Money" host said Monday. He also highlighted Citigroup as a particularly good buy due to its 7 percent share buyback.
"I don’t think people recognize how much money the banks can make in this environment or how well they’ve tended to trade after the Fed’s annual stress tests," Cramer added Monday. "My judgment? The big banks are all buys."
— CNBC's Elizabeth Gurdus contributed to this report.