Jim Cramer's Lightning Round

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Cramer's 'Mad Money Lightning Round': Bank of America Bright

TheStreet.com Staff

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

Savient Pharmaceutical(SVNT Quote): "This was one of my speculative stocks of the year ... now pulling back. ... The speculative cohort has come down along with the rest of the market. ... I'm reiterating that stock is a buy."

"CVS(CVS Quote) is going to be able to be successful in the acquisition of Caremark(CMX Quote), and that's why I don't like it. I have been buying Express Scripts(ESRX Quote), its competitor, for Action Alerts PLUS. ... I say ixnay on CVS. They're gonna end up paying too much for Caremark."

Cyberonics(CYBX Quote): "Become a punching bag. ... they've continued to screw up. Thought that when Skip Cummings left, good things would happen. They haven't yet. ... I'm not pulling in my horns yet on Cyberonics, but it is a concern to me that this company has so many problems."

Alcoa(AA Quote): "We totally and unequivocally believe that Alcoa won't be a publicly traded company" in a year. The stock has pulled back from $36 to $31 during this remarkable selloff. ... The private-equity guys aren't going away, and you have a real company underneath."

Optium(OPTM Quote): "Very much involved with the big cable-vs.-phone fight. ... I like Optium ... LVLT (Level 3 Communications(LVLT Quote) not backing away from that either. ... Don't be aggressive with these stocks. Not in the right place. Not defensive enough now."

Ford(F Quote): "You should not own the common stock, you should own the convertible. ... I am a seller of Ford common, I am a buyer of Ford convertible."

JPMorgan Chase(JPM Quote): "At 2.86%, yield is simply not as attractive as Bank of America(BAC Quote)," which Cramer says has had a big buyback and sports a 4.52% dividend. ... I would make that swap. The stock is too rich vs. Bank of America. That's a good trade to make."

Lamson & Sessions(LMS Quote): "That pulled back nicely. ... It's for sale. I think that the price of the piping that they use for PVC has come down ... I think you're in good shape with Lamson & Sessions, and I want to buy some. Back it up*."

Medtronic(MDT Quote): "I had been not a fan of this company, and they missed the quarter. ... When you look at the companies that are bottoming right now, Medtronic is one of them. ... I am giving it a buy. ... Do not miss the opportunity."

*For all you home-gamers, a 'mon-back opportunity means Cramer would back up the figurative truck and load up on a stock.

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