Cramer's Take on Headline Stocks

A General Motors(GM Quote) bankruptcy is even more likely after the company failed to meet the requirements of its debt-exchange offer, which expired at midnight on Tuesday. GM had hoped that bondholders would exchange $27 billion in debt for company stock. The company has till Monday to complete its government-ordered restructuring, or bankruptcy it is.

Bank of America(BAC Quote) has raised almost $26 billion in capital, more than three quarters of the amount the government instructed it to raise following the banking stress tests. Capital-raising measures have included issuing 1.25 billion new common shares and selling some of its holdings in China Construction Bank.

Also raising capital is PNC Financial(PNC Quote), which sold 15 million common shares to raise more than $600 million.

Staples(SPLS Quote) reported first-quarter earnings on Wednesday, with profit down 33% to $143 million, or 20 cents a share, compared with $212.3 million, or 30 cents per share, in the same quarter last year. ...