Cramer's 'Mad Money Lightning Round': Bank of America the Beautiful

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

Canon (CAJ Quote): "Apple (AAPL Quote) is so much better than Canon. I want you to keep looking at Canon, but I want you to buy more Apple. People don't understand the power of the iPhone."

W.W. Grainger (GWW Quote): Cramer said he remembers not long ago when the stock was downgraded. "I had to laugh. You don't downgrade a great American company like Grainger." He said Grainger might be one of the $80-to-$120 stocks he's been talking about on "Mad Money."

Varian Medical Systems (VAR Quote): "Some might think it's pricey. But integrated cancer systems are where the action is. ... That stock is off 12 from its high," and Cramer said it's going higher. He also recommended Hologic (HOLX Quote), which he owns for his Action Alerts PLUS charitable trust.

Moody's (MCO Quote): "This is what I call a classic battleground -- smart people on both sides. That makes me say, 'You know what? That's too hard.' ... I want stocks with no enemies."

AT&T (T Quote): "This is one cheap stock. ... I think they are visionaries to bet with iPhone before they saw it. They are risk takers. ... I say go buy AT&T. It's just the classic case of a well-run company with a good dividend that's doing well."