Jim Cramer's Mad Money Lightning Round Picks 6/21

Stocks discussed in the lightning round session of Jim Cramer’s Mad Money TV program, Wednesday June 21. Click on a stock ticker for more analysis:

Bullish calls:

Helmerich & Payne (HP): 'All the contract drillers are under pressure ... but when HP reports, it will be magnificent. That will be your salvation. Stay in it. One and a half thumbs up.'
Openwave Systems (OPWV): 'Petersmidt is good. OPWV - I'm not giving up ... I'm doubling down!'
Agilent Technologies (A) : 'A did such a great job on the quarter last time, I think it could happen again. I think A, at 32, is a buy.'
Bank of America (BAC): 'If you want yield, and you want buyback, I send you to BAC.'
Talisman Energy (TLM): TLM, at $15 ... It's a bargain until it gets to $18... I would actually do a 'mon-back here.'
Rite Aid (RAD): 'At $4.50, I think the stock could go up to $6. It didn't give up a single point during the big selloff. '
Chesapeake Energy (CHK): 'All right, Aubrey McClennan ... He's been doing a hand-over-fist buyback. He has always been right. Buy CHK at $29. I think the stock's going to $34. '
Qualcomm (QCOM): 'great intellectual property. Six straight times it has upped the estimates. '
Microchip Technology (MCHP): First, we play it with MCHP. We like MCHP very much ... the CEO ... didn't give us a real insight to what to look to how he was doing with big-screen TVs, but the numbers are good.'
Circuit City (CC): ' ... we play it with CC, of all places, because that has the most big-screen TVs.'
Chevron (CVX)
Texas Instruments (TXN): 'They make Digital Signal Processing (DSP). I absolutely like their business model. The stock's been stuck at $30. That's my favorite in the group. Go buy TXN.'
Hilton Hotels (HLT)
Frontline (FRO): ' Tanker stocks have picked up in the last four weeks ...It's got a nice yield. Remember, though, it's levered to how many ships, not to oil prices. I think when this stock goes back to $40, we're going to ring the register.'
KB Home (KBH)
Trinity (TRN): ' ... TRN just boosted estimates ... Stick with TRN!'

Bearish calls:,

Eagle Materials (EXP): 'We liked EXP 50% ago. I think we've overstayed our welcome.'
U.S. Bancorp (USB): ' ... it's still not cheap. The book value here is $10. I don't like to buy banks for more than 2x book value.'
Ford Motor (F)
Taiwan Semiconductor Manufacturing (TSM)
Toll Brothers (TOL)
Silicon Image (SIMG)
Morgans Hotel (MHGC): 'They actually don't really own anything.'
Alliance Resource Partners (ARLP): 'I think that ARLP will not give you the growth you want.'
American Railcar (ARI)

More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.