Cramer's Take on Headline Stocks

Wednesday marks the first day that banks are allowed to start paying back TARP funds, and U.S. Bancorp(USB Quote) returned $6.6 billion. Morgan Stanley(MS Quote) and Goldman Sachs(GS Quote) will likely follow suit today, with JPMorgan(JPM Quote) and American Express(AXP Quote) expected to begin their repayment later in the week.

In other financial news, 22 U.S. banks received downgrades from Standards & Poor's, including Wells Fargo(WFC Quote) and Capital One(COF Quote).

And E*Trade(ETFC Quote) said on Wednesday that it will use a stock offering as well as debt exchange to raise $1.2 billion.

FedEx(FDX Quote) reported earnings of 64 cents a share for its fourth quarter, excluding one-time items, compared with analyst estimates for 51 cents. Revenue fell 20% from the year-ago quarter to $7.9 billion, compared with analyst estimates for $8.3 billion.

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 lately.

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