Cramer's 'Mad Money Lightning Round': Con Ed Lights It Up

Stock quotes in this article: MA , BA , ED , TXU , HPQ , RYN , WY , YHOO , GLW , SWN  

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" Thursday evening:

MasterCard(MA Quote): "That stock is what I call an 'up stock.' ... It's not done going higher. ... It's still cheap because it was underpriced on the IPO."

Lucent(LU Quote): "I need you to sell that thing right now."

Sara Lee(SLE Quote): "I don't like that one at all. I don't trust the management. ... I do not think that Brenda [CEO Barnes] is the right person to run that."

Boeing(BA Quote): "It has nothing to do with Uncle Ben [Bernanke]. I want to buy Boeing here."

Caterpillar(CAT Quote): "It's become a hated stock. ... I never buck the [economic] cycle. I have to say Don'tBuy, even though it's kicking butts and taking names."

Con Edison(ED Quote): "Con Ed rocks at this point in the cycle. ... That 5% yield, two thumbs up, way up."

"Hewlett-Packard(HPQ Quote): [CEO] Mark Hurd, he just rocks. ... He is so good that I would bet that stock goes to 40."

Rayonier(RYN Quote): "It's good. I like the forest products complex. ... I prefer Weyerhaeuser(WY Quote)."

Rediff.com(REDF Quote): "I want you to sell that stock. If you want to play the Internet, I'm sending you to Yahoo!(YHOO Quote)," which Cramer owns for his Action Alerts PLUS charitable trust and sees going to 32.

Corning(GLW Quote): "I think the stock is going to go back to 20 before it goes to 25."

Southwestern Energy(SWN Quote): "I'd stay with that over Chesapeake(CHK Quote)."

Lightning Round

Cramer was bullish on MasterCard, Boeing, Consolidated Edison, TXU (TXU Quote), Hewlett-Packard, Rayonier, Weyerhaeuser, Yahoo!, Corning and Southwestern Energy.

Cramer was bearish on Lucent, Sara Lee, Caterpillar and Rediff.com India.

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

Here's your chance to pick the stock you'd like me to feature on my radio show Aug. 31:
AMN Healthcare
Ensco
GameStop
 Sociedad Quimica
TXU
Yamana

REMEMBER to listen in on Thursday for my take on the stock that wins this poll!
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At the time of publication, Cramer was long Yahoo!.

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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