Check out Jim Cramer's latest trading recommendations on "Action Alerts Plus".

(Updates from 10:53 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.

Morgan Stanley downgraded Kinder Morgan (KMP). Cramer added that "people don't like [master limited partnerships] now that rates are going higher." KMP closed down 1% at $80.05.

Barclays downgraded Humana (HUM - Get Report) to hold from buy. Cramer said HUM has been red-hot, but that many investors "suddenly like UnitedHealth Group (UNH - Get Report)." HUM fell 1.1% to $99.40.

Jefferies initiated coverage on Bank of America (BAC - Get Report) and JPMorgan Chase (JPM - Get Report). It rated each bank as a buy with $19 and $66 price targets, respectively. Cramer said JPM appears to be "bullet proof," as all of the lawsuit settlements have yet to hurt the stock. Both banks are holdings in Cramer's charitable trust, Action Alerts PLUS. JPM rose 1% to $58.87.

RBC Capital Markets upgraded Nabors Industries (NBR - Get Report) to outperform from sector perform. Cramer said he's surprised there has been no increase in drilling lately despite all the talk of an "oil revolution." NBR was up by 5 cents to $16.69.

Cramer wrote about Manitowoc (MTW - Get Report) in his new book, Get Rich Carefully, where he suggested  the company should split  into two segments, refrigerators and cranes. MTW jumped 4.6% to $23.99.

Bernstein raised its price target on Union Pacific (UNP - Get Report) to $195 from $165. Cramer said he "feels bad" he sold the stock in the Action Alerts PLUS portfolio in late-2013. Since then, the stock has rebounded and estimates continues to climb as well. UNP ended the day up 31 cents to $166.93.

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-- Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Cramer's Action Alerts PLUS had a position in BAC and JPM.

  Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC Universal or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

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  Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.