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Cramer: How to play Alibaba in an erratic market

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:

Cabela's Inc: "Cabela's is a completed trade. You got the bid, you've got to move on. Take that money, wait for a decline and then we slowly buy some very good tech stocks."

Overseas Shipholding Group: "I don't want to be involved with the crude oil delivery business. I think it's too hard."

DDR Corp: "No, we don't want to own REITs right now. We are saying don't buy because rates are going higher."

Alibaba: "This stock ran from $90 to about $110, it's pulling back now. It's at $105, I suggest a 5 to 8 percent decline somewhere in there. Maybe between $100 and $102, and you do your first buy. But only your first buy. This is an erratic market. We don't know how deeply it can go, so we buy some not all."

Waddell & Reed Financial: "We did a lot of work on them over at TheStreet. I don't like the way that they handled some of the more difficult distressed merchandise. I am not suggesting that you buy that stock."

Fortinet: "That is an ill-advised situation, but until this morning we did feel that Fortinet was doing well. After the bell they preannounced a weaker quarter. We had Palo Alto and we had Proofpoint on last week, and business is good for them. Those stocks would be down, I prefer you to be in those if you want to be in that space, but the money is going to come out of cybersecurity."

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