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(Updates from 10:43 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.

Barclays raised Chevron ( CVX - Get Report) to buy from hold and Cramer thinks oil may be due for a rally since the downgrade had little effect on the stock. CVX closed Wednesday down 1.1% at $121.57.

Apache ( APA - Get Report) was upgraded by Deutsche Bank. Cramer thinks the company has been working really well after reforming its properties. APA was unchanged at $84.74.

Standard Pacific ( SPF) is a way to play California housing, which has done very poorly of late, Cramer said. But "maybe this is a breakout." SPF was flat at $8.39.

Goldman Sachs downgraded Caterpillar ( CAT - Get Report). Cramer disagreed, saying, "I want to take the other side of the trade." CAT closed 1.8% lower at $84.42.

Nomura upgraded Bed Bath & Beyond ( BBBY - Get Report) to buy from neutral. Cramer liked the call, saying, "I like the way it has been reacting to the upgrade." BBBY rose 2% to $68.33.

Microsoft ( MSFT - Get Report) was downgraded by Deutsche Bank. Cramer said the tech giant is "not prone to downgrades. People like it too much." MSFT was at $34.78, down 1%.

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-- Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Cramer's Action Alerts PLUS had no position in the stocks mentioned.

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