By Stockpickr Staff
Posted on April 23, 2009

After reporting a $578 million loss and cutting its dividend significantly, from 27 cents a share to 5 cents a share, Morgan Stanley (MS) was upgraded by Merrill Lynch Bank of America from underperform to neutral with a price target of $24. Barclays cut its target on the stock to $26 a share, and estimates were lowered at both firms.

Wells Fargo (WFC) was another large financial institution to report earnings on Wednesday, but it posted a profit of about $3.1 billion excluding preferred dividends.

Trading was mixed on Wednesday, with the financial sector closing largely down and stocks such as Ford (F), which received an upgraded from Goldman Sachs to buy, and Apple (AAPL), which reported a better-than-expected quarter, closing higher.

With this in mind, we thought we'd take a look at some of the stocks in the news recently and see what Jim Cramer's had to say about them.

These stocks could be in the news for a number of reasons. Some require immediate attention; while others may not. Regardless, it never hurts to hear what Cramer (or any of the other professional investors on the site) has to say about them. The key is to gather as much information as you can in order to make the most informed investment decisions you can.

In a recent post to his RealMoney blog, Cramer wrote:

"This market shouldn't be this strong. The old market, the pre-March 6 market, would have taken its cue from Morgan Stanley (MS). We would have heard that the stress test might claim another victim.

"Instead, we think of Morgan Stanley as an outlier and we focus on the big lending machine that is Wells Fargo (WFC).

"We would have freaked out at the bad news from Capital One (COF), at the bad loans. Instead, you had to buy it in the aftermarket last night at $13 because the darned thing's unchanged.

"We would have looked at GM (GM) and said, "Uh oh, here comes bankruptcy." Instead we say, "Look, there goes Ford (F) like a stone wall." We would have looked at Abbott Labs (ABT) and Procter & Gamble (PG) and just said that the big consumer product and drug stocks are so bad they might kill any rally. Instead, we cheer.

"We would have said that Intel (INTC) reported a bad quarter and dismiss their "bottom" call; instead, the darned stock keeps climbing. Oh, and speaking of not bottoming, Norfolk Southern (NSC) was bearish last night about the prospects for a bottom, and its stock is rocking up!

"Neither Freeport-McMoRan (FCX) nor BHP Billiton (BHP) had really good things to say, and people just bought them anyway -- and, when the refs did one of those "upon further review" situations on Caterpillar (CAT), they loved it.

"This market's averages are marking time. The underneath dynamic, though, is as strong as I can recall since the year began."

For more of what Cramer's had to say about stocks making headlines, check out the Cramer's Take portfolio.

(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Freeport-McMoRan, Caterpillar, BHP Billiton, Abbott Labs, Goldman Sachs and Wells Fargo for his Action Alerts PLUS charitable trust.)

Who's on Stockpickr Answers? Kevin Baker will be on Stockpickr Answers on April 23 to respond to investing and trading questions posed by members of the Stockpickr community. Not a member? Join the Stockpickr community today -- free.