Cramer's 'Mad Money Lightning Round': Time Unkind to Time Warner?

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

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

Conexant(CNXT Quote): "I say Conexant is going to $2.50."

Waste Management(WMI Quote): "Shadow of its former self. A once great company ... That stock has come and gone, and you might as well ring the register."

Red Hat(RHAT Quote): "I no longer feel qualified" to advise on the stock, said Cramer, who had flushed it at $18. The stock just hit a 52-week high.

Schering-Plough(SGP Quote): "It's the only drug company that's worth buying."

Time Warner(TWX Quote): After a big quarter there may not be much more upside, and so "You want to be a publisher? You buy some Scripps(SSP Quote). They've got a business model."

Eastman Kodak(EK Quote): "Please exit it. ...They'll let you exit. ... You're not chained to that stock."

Lightning Round

Bullish

Cramer was bullish on Google (GOOG Quote), Apple Computer (AAPL Quote), Wachovia Bank (WB Quote), Advanced Micro Devices (AMD Quote), Conexant Systems (CNXT Quote), Hansen Natural (HANS Quote), L-3 Communications (LLL Quote), Microsoft (MSFT Quote), Marriott (MAR Quote), Hilton Hotels (HLT Quote), UnitedHealth Group (UNH Quote), Schering-Plough (SGP Quote), Dow Chemical (DOW Quote), GlaxoSmithKline (GSK Quote), Kinder Morgan (KMI Quote), Nabors Industries (NBR Quote), Georgia Gulf (GGC Quote), International Business Machines (IBM Quote) and XTO Energy (XTO Quote).

Bearish

Cramer was bearish on Shanda Interactive Entertainment (SNDA Quote), TJX (TJX Quote), Northern Trust (NTRS Quote), Waste Management (WMI Quote), Level 3 Communications (LVLT Quote), Intergraph (INGR Quote), PacifiCare Health Systems (PHS Quote), Time Warner (TWX Quote), Eastman Kodak (EK Quote) and Symbol Technologies (SBL Quote).

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Interested in more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here. It's a series of articles from Cramer on how to become a better investor. The following table lists some of the rules that Cramer dissects.

	1.	Pigs Get Slaughtered		2.	It's OK to Pay the Taxes
	3.	Don't Buy All at Once		4.	Buy Damaged Stocks
	5.	Diversify to Control Risk		6.	Do Your Homework
	7.	Don't Panic		8.	Buy Best-of-Breed
	9.	Defend Some Stocks		10.	Don't Bet on Bad Stocks
	11.	Own Fewer Names		12.	Cash Is for Winners
	13.	No Regrets		14.	Expect Corrections
	15.	Know Bonds		16.	Don't Subsidize Losers
	17.	No Room for Hope		18.	Be Flexible
	19.	Quit When Execs Do		20.	Patience Is a Virtue
	21.	Be a TV Critic		22.	When to Wait 30 Days
	23.	Beware the Hype		24.	Explain Your Picks
	25.	Find the Bull Market
Check back for more of Cramer's Rules