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Stocks discussed on the lightning round session of Jim Cramer's Mad Money TV Program, Wednesday May 5.

Bullish Calls:

Raytheon (RTN): "Oh... the stock has been a monster stock… it has been a monster stock... in part because we know the defense budget is not going back down... now, this stock is two points from its high... there are very few stocks that are that close to their high… that said, on a $55, $56 pullback we are going to pull the trigger… I like that story."

Berkshire Hathaway (BRK.A), (BRK.B): "My opinion on both is that the bench is very deep at Berkshire Hathaway… we have so many quality people working there that I feel like that maybe on any dip that that is probably the first thing that I reach for... after that quarter, I know look, everyone goes to the big hoopla meeting… I look at the numbers… can we just stop trading and recognize that the numbers are fantastic… and that the stock's decline has nothing to do with that… I want to be a buyer."

Visa (V), Mastercard (MA): "Huge gains here.. I say that you have got to let it come in… remember, Visa had a good quarter… Mastercard had a big quarter… but no one cares… below $80, maybe then you can buy it back… not until then."

Weatherford (WFT), Oil Services Index (OIH): "I feel good about your situation… Why?... Because I know Weatherford is being pulled down because of its cohort… its cohort is the Oil Services Index… and it is trading radically and horribly, violently down… because of the Gulf of Mexico.. why WFT? Iraq, Iraq… I think you are in great shape."

Intel (INTC): "I think that it can go up a great deal... Why do I think that it could go up a great deal? I have never seen Intel this cheap, number one… secondly, I know very few hedge funds and mutual funds that own this stock… third, it reported a great quarter now suddenly everybody is worried about Europe… they are worried about China… they are worried about a slowdown in the summer… the stock is priced so cheaply… I will take every bit of that risk… now I think it starts its climb as soon as the cloud of Europe breaks… and China resumes its growth… or at least the worries go away."

Kinder Morgan Partners (KMP): "They just reported a great number… but they also...I mean that was in April… they did a secondary, they did a secondary in order to be able to pay for an acquisition… the secondary is not holding… so it has blown the stock to smithereens… next week there is a very important MLP conference, by the way, that is a Master Limited Partnership... the stock has now come down to well below where they priced the secondary… it is down almost 10%… and it yields almost 7%... I am sorry, every time this thing has dropped almost 10% we have bought, bought, bought and we have made money… and this time is going to be no different."

AT&T (T): "No, we have got AT&T … why do I need Telefonica? I can go buy AT&T."

Bearish Calls:

Nokia (NOK): "Nokia had one of the worst quarters that I have seen."

Telefonica SA (TEF): "I have bought… I have retreated to the friendly confines of the United States and do not want to own a Spanish Telco company… even as I think that it will come out an all clear… No, we have got AT&T … why do I need Telefonica? I can go buy AT&T."

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Source: Cramer's Lightning Round - Stay With Raytheon (5/5/10)