CNBC's Jim Cramer said Wednesday that a number of bank stocks are worth buying, despite signs that the economy is weakening and the Federal Reserve won't be raising interest rates this year.
"Let's just say that they've become a lot more attractive, here, after this week," he said. "These are extraordinary profits. When you make that much money, you stock deserves to trade at a higher valuation than they certainly have been getting before did before these numbers."
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There are two economies at play right now and "right now they're out of sync" based on the earnings results that Wall Street has seen thus far, Cramer said.
The American consumer is still strong, as evident in the results the banks are posting, but the railroad company CSX is telling a different tale, he said.
Shares of CSX fell more than 10% in the session after the transport giant missed on earnings per share and revenue in the second quarter. The company now believes revenue will fall as much as 2% in 2019 after originally forecasting growth as high as 2%, prompting CEO James Foote to call the economy "one of the most puzzling I have experienced in my career."
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Cramer was initially a fan of the social media giant's planned foray into the digital money market with its announced Libra coin, but changed course after seeing Big Tech get grilled in antitrust hearings on Capitol Hill. Facebook should just drop the concept, Cramer said.
"It's clearly doing more harm than good," the host said, addressing the message beyond viewers and to Facebook leadership. "Instead, just take some of your money, you want to get into payments, just go buy Square [for] $70 billion … [and] blow out Square's payments network worldwide. Square Cash is going to be Facebook Cash."
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Cramer recommended investors buy into the turnaround story of Boston Beer Company.
The Samuel Adams beer maker, after years of declining revenue, has seen its share price more than double and break above $400 in "one of the most spectacular comebacks I've ever witnessed," the host said.
"Losing stocks can become winners again when bold management makes smart decisions and bites the bullet," he said. "I think this is an important story because it shows you how companies that were written off and left for dead can, indeed, make themselves relevant again if they have great management."
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In Cramer's lightning round, the "Mad Money" host zips through his thoughts on callers' stock picks of the day.
Core Laboratories: "I think at the end of the week we have Schlumberger ... that's been a real disaster, frankly, and we're going to find out more. Let's use that as the example and make that whether we should buy Core Labs or not."
Triplepoint Venture Growth: "I'm familiar with it, which is a problem because you can't be familiar with it. It's kind of one of those OPEC businesses. We don't really know what's in it .. so I'm going to have to say don't buy, don't buy."
Disclosure: Cramer's charitable trust owns shares of Schlumberger, Amazon, Shopify, Facebook, JP Morgan Chase, Citigroup and Goldman Sachs.