By Rebecca Corvino
Posted at 12:35 p.m. EDT on July 7, 2009

The major three indices were in the red at Tuesday's close, and oil was down as well, below $63. Here are some of the stocks in the news today:

In smartphone news, Telefonica (TEF) will be the exclusive carrier for Palm's (PALM) Pre smartphone in the U.K., Ireland, Germany and Spain.

Telefonica closed down $1.48, or 2.2%, at $65.74 on Tuesday, while Palm lost 41 cents, or 2.6%, to $15.32.

In other technology news, today marks the debut of Yahoo!'s (YHOO) Search Pad feature, which the company has been testing for the past few months.

Yahoo! lost 47 cents, or 3.2%, to $14.44 on Tuesday.

In earnings news, International Speedway's (ISCA) second-quarter revenue fell 12.9% to $152.4 million year over year, and net income fell to a loss of $31.7 million, or 65 cents a share, from the year-ago quarter's income of $26 million.

International Speedway gained 10 cents, or 0.4%, to close at $25.39 on Tuesday.

And in analyst ratings news, Goldman upgraded both Dick's Sporting Goods (DKS) and Kohl's (KSS) to buy from neutral, with a price target of $20 on DSG and of $50, up from $44, on Kohl's. Keefe Bruyette & Woods upgraded Keycorp (KEY) to outperform from market perform with an $8 price target.

On Tuesday, Dick's Sporting Goods closed up 15 cents, or 0.9%, at $16.90; Kohl's slid 38 cents, or 0.9%, to close at $42.30; and Keycorp added 21 cents, or 4.1%, to $5.29.

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

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

"Are people positioning themselves for lower gasoline prices? You can see a nascent rally developing in the restaurants and retailers, the plays that people reach for when oil's headed down.

"I am seeing Yum! Foods (YUM), Brinker (EAT) and Darden Restaurants (DRI) moving slowly higher. Those were the three stocks that led the big rally. They are the spare change plays, the ultimate discretionary income plays that come from feeling a tad richer.

"The trend seems to be spilling into some retail like Kohls (KSS) and TJX (TJX), although not in a stock like Polo Ralph Lauren (RL), which is the opposite of the two winners in the segment.

"Sometimes I get angry when the things that are supposed to derail the economy -- higher gasoline and higher mortgage rates -- don't "rail" the economy when they return around.
I know Darden did not have a blowout quarter, but it sure could with any decline in gasoline to below $2.50 a gallon.

"I would watch that and buy some Yum! too."

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