Cramer's 'Mad Money Lightning Round': Let Freeport Ring

Stock quotes in this article: LMT , RVBD , RS , FCX , LUV , AMD  

To see the full "Mad Money" Recap, please click here.

Here's what Jim Cramer had to say about some of the stocks that callers offered up during the "Mad Money Lightning Round" Tuesday evening:

Lockheed Martin(LMT Quote): "I think Lockheed Martin is incredibly cheap. I would buy that stock hand over fist ... You've got a good call there, my friend."

Riverbed Technology(RVBD Quote): Though Cramer said he's been "blown away" by this stock, "I can't pull the trigger on Riverbed until I see the quarter."

Reliance Steel(RS Quote): "The cheapest stock left in the group."

Freeport-McMoRan(FCX Quote): "There are very few stocks that I feel have created value by merging in this country. ... But Freeport has created a giant colossus of commerce. ... Freeport is a BuyBuyBuy."

Southwest(LUV Quote): "It was the template everybody stole. ... Now everybody's got its recipe. ... It's a Don'tBuy." He said the stock has to come down before he pulls the trigger.

Advanced Micro Devices(AMD Quote): "There is no reason for Advanced Micro Devices to live. It has no purpose. It has nothing going for it. If you're in Advanced Micro Devices, I give you permission to leave and sell that stock."

Jacobs Engineering(JEC Quote): "It does not get the respect." Cramer said he likes the infrastructure group, and "Jacobs is best in show."

GameStop(GME Quote): "The stock's coming down. I think we're in a bull market for gaming." But Cramer "would not buy game stocks until we get closer to the Christmas season."

Diamond Offshore(DO Quote): "Diamond Offshore does not have the leverage to the world that RIG (Transocean(RIG Quote)) has. ... It has a little too much Gulf of Mexico for me. ... I cannot bless that stock." Cramer owns Transocean for his Action Alerts PLUS charitable trust.

Cramer was also bullish on Foster Wheeler (FWLT Quote) and GlobalSantaFe (GSF Quote), and he was bearish on United States Steel (X Quote).

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here.

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At the time of publication, Cramer was long Transocean.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com 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 TheStreet.com, 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 TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

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 TheStreet.com. 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 TheStreet.com, 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.





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