Cramer's 'Mad Money Lightning Round': AT&T on the Cheap

Stock quotes in this article: T , DEO , PG , AMGN , CRM , RVI , CHH  

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:

Amgen(AMGN Quote): "I like Amgen at 69 ... I have to find out what's going on with this Aranesp [drug]."

Pain Therapeutics(PTIE Quote): "Sells at 60 times earnings ... I think it's too risky. I honestly would rather see you in a Celgene(CELG Quote) ... particularly if you can get it under 50."

Salesforce.com(CRM Quote): "I think the stock should be lower. I do not get why that stock hangs in in this bad market. ... I don't like it."

AT&T(T Quote): "Tomorrow morning ... it would be a gift if that stock opened down." Cramer likes the company's "yield protection, buyback and superb management. It fits all my criteria."

Retail Ventures(RVI Quote): "We are strictly in a no-prisoners mode. You take that and you ring the register. Out of Retail Ventures and into J.C. Penney(JCP Quote). "

Playtex Products(PYX Quote): "That kind of consumer-related business is not going to have a slowdown here." But Cramer says that Colgate(CL Quote), Diageo(DEO Quote). (which he owns for his Action Alerts PLUS charitable trust and Procter & Gamble(PG Quote) are higher-quality plays.

Choice Hotels(CHH Quote): "Been doing a lot of work on Wyndham(WYN Quote)," which Cramer prefers, along with Hilton(HLT Quote). He says they're both cheaper and better.

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 Diageo.

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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