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(Updates from 10:49 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.
Cramer warned investors interested in obesity drug company Vivus (VVUS - Get Report) to be careful because "this is a big speculative play." VVUS dropped 12.5% to $8.23.
Miller Tabak downgraded Buffalo Wild Wings (BWLD - Get Report) after hitting its price target. Cramer had no objections with disciplined investing but he thinks the restaurant company has got a "strong story." BWLD fell 3.1% to $145.72.
Sterne Agee downgraded Pioneer Natural Resources (PXD - Get Report) to hold from buy, but Cramer wants to "take the other side of the trade." He said the company just had one of the biggest oil field finds in the world. PXD declined 5.6% to $198.55.
Encana (ECA) cut its dividend, but is looking to sell shares in a new royalty trust. "It's nice to see them trying to make a comeback," Cramer said. ECA rose 1.7% to end the day at $18.65.
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-- Written by Bret Kenwell in Petoskey, Mich.