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Lightning Round: $43 oil is a perfect price for it

It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:

ConocoPhilips: "It yields almost 6 percent. I would buy some here, but I know that oil is going to go to $43. Everybody says it. So why don't we just wait until oil goes to $43 and then start the position. Wait a moment, it is attractive."

Cerus Corporation: "It's good. It's a nice spec is the way that I would look at it. Cirrus Logic is the stock that I think can go lower. Cerus Corporation is a nice spec."

Isis Pharma: "I said at $73 that I was worried about this company. Now, it's all the way down here but I have to tell you that in a market that can take Biogen down 30 percent in a heart beat, Isis is not correct yet. I'm being very specific. Not correct, yet."

Medidata Solutions Inc: "I think the stock did not take out its high from last year, and as a matter of fact I would be a little concerned about it. It's got a decent feel about it, but I do feel frankly that these are very hard to own right now, these specialty software companies."

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Sandisk Corp: "It jammed the shorts. It lowered guidance, lowered guidance, lowered guidance and then they beat guidance. Therefore I think the trade is now over. I don't want to be involved."

3M Co: "I think this was not a great quarter for 3M. My charitable trust has owned 3M for a long time, and this is called a core portfolio situation. But here's the problem—it is going lower. It's got too many sellers, what can I tell you? I think you buy the stock when it hits to $142 or $143 and that is our next level to buy some."

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