By Rebecca Corvino
Updated at 5:28 p.m. EDT on July 1, 2009

Big banks were making headlines on Wednesday, with Bank of America (BAC) receiving lower-than-expected bids for its Columbia Management business, Citigroup (C) raising credit-card interest rates and Morgan Stanley (MS) expanding its partnership with Mitsubishi UFJ (MTU) to include a loan marketing venture.

Bank of America closed down 15 cents, or 1.1%, at $13.05; Citigroup closed flat at $2.97; and Morgan Stanley lost 15 cents to $28.36.

In earnings news, General Mills (GIS) reported its fourth quarter on Wednesday morning, with earnings of $358 million, or $1.07 a share, up from 53 cents a share in the same quarter last year and beating analyst estimates for 81 cents a share.

General Mills added $2.16, or 3.9%, to $58.18 on Wednesday.

And the newspaper business took another hit with reports that publisher Gannett (GCI), due to declining revenue, will
cut up to 2,000 more jobs .

Gannett added 9 cents, 2.5%, to close at $3.66 on Wednesday.

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

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

"The pain of the aftermath of mark-up never goes away. We knew what was in store for us, as the mark-up folks don't like to play on the last day, especially with the newly vigilant Securities and Exchange Commission. I have to believe that this SEC will now become more interested in 'the tapes,' which would show clients asking brokers to take stocks up as much as they can, something that we know is against the law.

"What comes up from mark-up must come down, and the most important "come downs" should be in the industrials, because we have the least visibility in them. I do not believe the techs have as much to worry about, nor the banks, because both have excellent earnings prospects for the coming quarter. Why sell Apple (AAPL) here? Why sell Microsoft (MSFT)? And why dump Wells Fargo (WFC) or Bank of America (BAC) or JPMorgan Chase (JPM) when those have the best possibilities of good news ahead? I can see locking in some Goldman Sachs (GS) gains, but that's going to be the best quarter of all.

"The oils are due for a hit on the price of crude, but they have just been waffling around here. I can see a further pullback to levels of last week, particularly with Chevron (CVX), Occidental (OXY) and almost all of the natural-gas stocks.

"I would go back to the accidental yielders like Emerson (EMR) and Honeywell (HON), and I would look to build Paccar (PCAR) on some truck numbers that should be favorable next week.

"The defensives, the Pepsis (PEP) and General Mills (GIS), remain incrementally positive for the quarter, so I do not foresee a lot of profit-taking occurring.

"I figure we have to roll back prices a bit, but not that much, before natural buyers come in later in the week, given the tremendous performance for the quarter. Also, we could see an avalanche of new money seeking returns in stocks bolstered by lower mortgage rates that could spur another round in housing and an automobile build that could offset some but obviously not all of the unemployment ahead."

Check out the With this in mind, we thought we'd take a look at what Cramer's Take portfolio here.

(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Bank of America, Chevron, Emerson, General Mills, Goldman Sachs, JPMorgan, Pepsi and Wells Fargo for his Action Alerts PLUS charitable trust.)