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Stocks discussed on the Lightning Round segment of Jim Cramer's Mad Money Program, Wednesday January 15.

Bullish Calls:

Himax Technologies (NASDAQ:HIMX): "I think you've got a good one. These are on fire, and this had a big move up to $15 and it has pulled back to $13. It can still go higher."

Alcatel-Lucent (NYSE:ALU), Sprint (NYSE:S), Nokia (NYSE:NOK): "Here is the problem. We identified this turnaround (in ALU) and then when we had a turnaround in the stock, a lot of people said it is done for. I have a long-term view of the stock. The same thing with Nokia and the same thing with Sprint. They can pull back, but I like all three."

Kraft Foods (NASDAQ:KRFT): "I think it is very good . It has a 3.85% yield. Kraft is not a rapid growth stock, but the yield is safe, and it can go up over time."

ITT Corporation (NYSE:ITT): "We have to take a hard look at it. I think it is a good idea. I've been digging into it and I like what I see so far."

Bearish Calls:

Emerald Oil (NYSEMKT:EOX): "I won't go down the food chain for EOX (Cramer prefers Noble Energy)."

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Source: Cramer's Lightning Round - I Won't Go Down The Food Chain For Emerald Oil (1/15/14)