By Rebecca Corvino
Posted at 12:30 p.m. EDT on July 2, 2009

Making Thursday's headlines and sending stocks lower were reports that June saw the loss of 467,000 more jobs. This compares with 322,000 jobs lost in May and was about 100,000 more than expected, hiking up the unemployment rate to 9.5% from 9.4%.

Across the board, many stocks were in the red, with Bank of America (BAC) losing 1.3% to $12.88, Apple (AAPL) down 1.6% to $140.60 and Freeport-McMoRan (FCX) losing 1.1% to $50.

Exelon (EXC) was slipping 3.2% to $49.91 after upping its bid for NRG Energy (NRG) to 54.5 cents a share from 48.5 cents initially, giving the deal a total value of about $7.4 billion.

On the other hand, Elan (ELN) was surging 14.3% to $8 following the announcement of a $1 billion investment from Johnson & Johnson (JNJ).

In analyst ratings news, Morgan Stanley initiated coverage of Delta Air (DAL) with an overweight rating and a price target of $9. The firm expects the airline company to report negative earnings in 2009 of 69 cents per share.

JPMorgan downgraded First Solar (FSLR) to neutral from overweight but raised its target on the stock to $140 from $92.

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

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

"Just as when Doug Kass says, 'Tell me something I don't know,' I think this market knows something we don't know, either about a turn in commercial real estate to rival that of residential -- the real estate investment trusts are holding in well -- or a second stimulus plan, a real one that will put more people to work.

"The employment numbers aren't good enough to merit this kind of rally, and we know the layoffs for June were preposterously high. We know that the auto build will be slightly better than expected a few months ago, but it's still pathetic and the auto idlings are about to start.

"Still, the rails like Union Pacific (UNP) and the coppers and minerals like Freeport (FCX) are so, so strong that it makes me feel like something's imminent.

"Of course, it could just be a gigantic inflow for the beginning of the month, but this market, as exhibited by the utilities and by the REITS and industrials and perhaps most important by the corporate bonds, makes me feel like we have a growth-with-little-inflation rally going on, and that's the best kind of rally you can have.

"Random musings: Pending home sales data this morning is consistent with the bottom and should compel some serious buying in Bank of America (BAC), JPMorgan (JPM) and Wells Fargo (WFC), which have lagged."

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