CNBC's Jim Cramer said Wednesday that he's disappointed by the latest round of quarterly earnings.

"I didn't like last night's and this morning's earnings. I found many flaws," Cramer said on "Squawk on the Street." "That last 24 hours was not what I wanted to see."

Cramer mentioned rail company CSX, which earned 78 cents per share for the first quarter, 12 cents ahead of consensus forecasts. The results, posted Tuesday, were boosted by a substantial improvement in its operating ratio, but Cramer said he was unimpressed by that number.

Still, on Wednesday CSX's stock was on pace for its best day since Jan. 19, 2017, when it gained 23.4 percent.

The "Mad Money" host also spoke about IBM. The Dow component fell Wednesday after the company issued a lower-than-expected full-year profit forecast. Cramer, who said he was not trying to boost the stock, said the company's quarterly report was not all bad, mentioning its revenue growth for the second quarter in a row.

However, Cramer said he did like Morgan Stanley's earnings. The company's stock rose Wednesday after it posted first-quarter earnings of $1.45 cents per share, 20 cents above what Wall Street was expecting. It's equity trading revenue increased to $2.6 billion in the period, up 30 percent from a year ago.

"I've got a quarter from Morgan Stanley that I think is just super," Cramer said. "What everybody is so excited about, I'm really not. What I like about Morgan Stanley is ... if it doesn't fade, should provide some leadership."

Last week, Cramer said J.P. Morgan Chase's quarterly report was "remarkable" and the results showed the U.S. economy is "on fire."

Cramer, a former Goldman Sachs employee, was particularly impressed with the J.P. Morgan's return on equity, which came in at 15 percent for the first quarter. However, the bank reported a 7 percent decline in investment banking revenue to $1.6 billion.