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

Qualcomm ( QCOM): "Did you hear the bullish stampede ... this great maker of the stuff that is inside your cell phone is just rocking. I'm issuing a 'mon back* right here."

Wal-Mart ( WMT): "Don't buy, don't buy, don't buy. It is still a huge bummer to shop there. ... I can't get my kids to go there."

XTO Energy ( XTO) "is strictly 'mon back material" because its properties will be unscathed by Hurricane Rita.

Ashland ( ASH): "Why are they giving Ashland away? That's a mistake. I would buy that stock here."

Lightning Round

Bullish

Cramer was bullish on Qualcomm ( QCOM), Chesapeake Energy ( CHK), NovAtel ( NGPS), Peabody Energy ( BTU), Intel ( INTC), General Motors ( GM), Toyota Motor ( TM), XTO Energy ( XTO), Parker Drilling ( PKD), Ashland ( ASH), Lucent ( LU), The Southern Company ( SO) and GameStop ( GME).

Bearish

Cramer was bearish on Wal-Mart Stores ( WMT), Applied Materials ( AMAT), Gibraltar Industries ( ROCK), AmSouth Bancorporation ( ASO), Linear Technology ( LLTC), Seagate Technology ( STX), Synaptics ( SYNA), First Niagara Financial ( FNFG), Montpelier Re ( MRH), Tempur-Pedic ( TPX) and Calpine ( CPN).

*For all you home-gamers, a 'mon-back opportunity means Cramer would back up the figurative truck and load up on a stock.


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
At the time of publication, Cramer was long GameStop, Intel and Lucent.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for ActionAlertsPLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." Cramer appreciates your feedback and invites you to send him an email by clicking here.