'Mad Money Lightning Round': Wait for Wachovia

09/05/08 - 07:17 PM EDT

Scott Rutt

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" Friday evening:

Wachovia (WB Quote - Cramer on WB - Stock Picks): "This is run by Bob Steel. He's as close as we're going to get to a great banker. I think he's going to make this a great company. "

Energy Transfer Partners (ETP Quote - Cramer on ETP - Stock Picks): "This is another one of these gas gathering stocks with a great yield. I think the dividend is safe, I like it."

Continental Resources (CLR Quote - Cramer on CLR - Stock Picks): "The is the best play on the Dakota natural gas business. I don't think it's safe to bottom fish in this sector yet."

Leggett & Platt (LEG Quote - Cramer on LEG - Stock Picks): "This one had a good quarter. I think its had too much of a run already, though. I think you should sell it and move into another early cycle stock like Lowes (LOW Quote - Cramer on LOW - Stock Picks)."

BP (BP Quote - Cramer on BP - Stock Picks): "I think the 5% yield is safe but that stock is going nowhere. I'm going to put it in the "don't buy" camp."

Atlas Energy Resources (ATN Quote - Cramer on ATN - Stock Picks): "It looks like the big selling is over. I think the yield is safe and we can't walk away from these stocks. It's time to buy."

Ambac (ABK Quote - Cramer on ABK - Stock Picks): "If the Treasury cleans up the mess, then you'll make some money, but I'd rather be on the sidelines for this one."

Elan (ELN Quote - Cramer on ELN - Stock Picks): "No can do. Too hard. I think its a big no right now."

Pitney Bowes (PBI Quote - Cramer on PBI - Stock Picks): "Problematic. I have companies making the quarter getting killed, I don't need ones that miss the quarter."

Petroleo Brasileiro (PBR Quote - Cramer on PBR - Stock Picks): "I think this one is a buy here and is actually growing. This one I want to get behind."

Consol Energy (CNX Quote - Cramer on CNX - Stock Picks): "I'd rather see you in Equitable Resources (EQT Quote - Cramer on EQT - Stock Picks). I believe that natural gas is the way of the future. I just don't trust coal in this political environment."

*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 by clicking here.

At the time of publication, Cramer wasn't long any stocks in this story.

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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