Cramer's lightning round: Don't be like the Fed if you're holding this stock

  • It's that time again! "Mad Money" host Jim Cramer rang the lightning round bell, which means he gave his take on callers' favorite stocks at rapid speed.

Amarin Corp.: "We're going to take out our cost basis tomorrow, even though that heart drug is pretty good. Tomorrow, you take out the cost basis and you can't lose. As a matter of fact, I would take out double my cost basis because that stock's in the $20s now. So that's how we're going to play it. We're going to be prudent. We're not going to be like the Fed. We're not going to be judgmental; we're going to be prudent."

Arrowhead Pharmaceuticals Inc.: "They have a tie-in with one of my favorite stocks, JNJ, which holds up very well. It's a great spec. Let's leave it at that: it's a great spec."

AT&T: "I am willing to endorse AT&T, but I have to tell you, if you want a little more safety, you really do have to go to Verizon, which is up a lot more but I know it's got a less stretched balance sheet."

3M Co.: "It's down $59 bucks from its 52-week high. Now, I have to tell you, in pure candor, I discussed with [TheStreet analysts] Zev Fima and with Jeff Marks today whether we shouldn't trim the position ahead of the quarter for our charitable trust and tell the club members that we're less certain. It's already a small position. I am very concerned about the Oct. 23 report if they do not do a restructuring. I think it'll be disappointing. I'm putting it out there."

HollyFrontier Corp.: "Stop sweating the program. HollyFrontier is great. Now, I do like Marathon [Petroleum] more and we know I like Valero more because we did our power rankings the other day, but that's a good company. I am not going to fret that. And as a matter of fact, I'd love to have them back on the air because they are so good at telling their story."

Brinker Intl.: "I've always been a fan, but I have to tell you, the stock that everybody likes right now is McDonald's. I'm not going to back away from that. I am also a fan of Wendy's."

Viper Energy Partners: "I would say don't buy. Not up here; too dangerous. It's a nice move that it's had, up 60 percent."

Watch the full lightning round here:

Disclosure: Cramer's charitable trust owns shares of Johnson & Johnson and 3M.

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