Wells Fargo (WFC), Commerce Bank (CBH), IndyMac (NDE), Bank of America (BAC), National City (NCC), SL Green (SLG), CB Richard Ellis (CBG): Cramer called Wells Fargo's quarter a "thing of the beauty" and commented that it was the good stock out of the good, bad and the ugly among Tuesday's bank earnings reports. The "bad" was CBH, which dropped 9% in heavy trading after it announced that it was checking some transactions involving officers. However, Cramer doesn't believe that this will have any long-term effect and that those who are confident that the Fed will cut rates may feel that CBH is "the best-run bank in North America. " It sells at twice book value, and Cramer believes it is becoming cheap. The "ugly" was IndyMac which Cramer puts in the sell category in spite of a 7% fall, since it is connected with homebuilders and subprime lenders, which are both difficult sectors. Although Cramer thinks that BAC should avoid making more acquisitions, he thinks it could buy NCC or CMA. Cramer follows CGM Funds manager Ken Heeber' s call in favor of real estate plays SLG and CBG. "Heebner owns this segment," Cramer said. "No one is better than Heebner.'
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