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(Updates from 10:40 a.m. ET with closing information.)

NEW YORK ( TheStreet) -- Here's what Jim Cramer had to say on CNBC's "Squawk On The Street" Thursday.

Morgan Stanley downgraded First Horizon ( FHN - Get Report) to hold from buy, a move Cramer didn't like. "I think that's a mistake," he said. "It's very cheap." FHN was unchanged at $11.29.

Sterne Agee initiated Whole Foods Market ( WFM) as a buy. This move Cramer likes, noting this company is one of those performing well on his "Gatsby Index" of stocks. WFM rose 1% to close at $50.88.

Abbott Laboratories ( ABT - Get Report) and other drug stocks have been performing badly lately, but Cramer thinks this one is stabilizing and could have a nice run. ABT was up 1% to $36.64.

VeriFone Systems ( PAY) provided very dismal guidance, prompting Cramer to say, "If you own VeriFone, phone home." PAY plummeted nearly 21% to $17.37.

SAP AG ( SAP - Get Report) is making a move into the cloud. Cramer noted SAP management does a lot of good things and that's why this stock is going higher. SAP ended trading up 1.4% to $75.74.

Altria ( MO - Get Report) recently raised prices but the share price is still low, which baffles Cramer. "When you raise prices, stocks go higher," he said. MO was flat at $35.81.

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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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