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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) 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 - Get Report). 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.

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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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