It's Time for the Lightning Round!

Savient Pharmaceuticals: "This was one of my speculative stocks of the year. It had a fantastic run ... Now it's pulling back ... There is nothing fundamental going on here. The speculative cohort has come down with the rest of the market. I'm reiterating that I think that stock is a buy. There is nothing new that would drive it down from where I recommended it earlier this year."

CVS: "I think CVS is going to be successful in the acquisition of Caremark, and that's why I don't like it, becuase I think they're going to have to pay more. I have been buying Express Scripts ." Sell! Sell! Sell!

Cyberonics: "[They] have screwed up so much stuff ... I'm concerned about Cyberoncis and how low it can go ... I'm not pulling in my horns yet on Cyberonics, but it is a concern to me that this company still has so many management problems."

Alcoa: "We totally and unequivocably believe that Alcoa won't be a publicly traded company a year from now. The stock has pulled back from $36 to $31 during this remarkable sell-off. I think at this price, now you start thinking about the private equity. The private quity guys aren't going away, and you have a real company underneath."

Ford: Cramer would sell the common stock, but buy the convertible stock. The convertible has a higher yield, and you get a "one for one" as the stock goes higher.

Optium: "I like Optium ... There is a lot of pressure in this market ... These are stocks that are not in the cohort that has bottomed yet. Use wide limits, wide scale. Don't be aggressive with these stocks! ... They're not defensive enough right now."

JPMorgan Chase: JPM's 2.86% yield is not as attractive as Bank of America, which has a big buyback and yields 4.52%. Cramer would switch JPM for BCA.

Medtronic: "I had been a fan not of this company, and they missed the quarter ... If you look at the companies that are bottoming right now, Medtronic is one of them ... It's going to bottom here, and therefore I'm giving it a buy."

Lamson & Session: "That's pulled back nicely ... I think you're in good shape ... and I want to buy some."

Jim's charitable trust owns Express Scripts.

Questions? Comments?