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(Updates from 10:42 a.m. ET with closing information.)
NEW YORK ( TheStreet) -- Here's what Jim Cramer had to say on CNBC's "Squawk on the Street" Wednesday.
The U.S. Department of Justice blocked the merger between US Airways Group (LCC) and American Airlines. Cramer believes the deal is completely grounded. LCC fell 1.2% to $16.17.
Cree (CREE - Get Report) reported disappointing earnings results. Cramer said he thought the company was having a great quarter. At some point, it becomes a buy, he added. CREE plummeted 22.4% to $58.83.Millennial Media (MM - Get Report) is also down after reporting earnings. Cramer said that it goes to show that not everything in mobile is working. MM dropped 18.8% to $6.90. Marvel Technology Group (MRVL - Get Report) was upgraded by Barclays. Cramer said the company is doing great, but watch out for Hewlett-Packard (HPQ). MRVL fell 1.5% to $13.18. Barclays increased its price target on Best Buy (BBY - Get Report). Cramer noted that consumer spending has been strong. BBY rose 2.6% to $31.67. Microsoft (MSFT - Get Report) overtook BlackBerry (BBRY) as the number-three smartphone company, although it seems to be getting very little recognition for it, Cramer noted. MSFT was unchanged at $32.35. To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell