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Stocks discussed on the lightning round session of Jim Cramer's Mad Money TV Program, Wednesday July 14.

Bullish Calls:

IBM (IBM): "Okay, IBM is very important… I think that it is going to be a good quarter… I think you get a nice buyback… maybe even a boost in dividends… here is what you need to know... I think that the stock is at its 52 week high… do not expect a lot of upward movement… but it is a terrific situation… I would stay long in it."

Bearish Calls:

BP (BP): "I take my cue from Boone Pickens, whom I talk to quite regularly, and Boone has been very pessimistic about the situation, has said look, it is going to be on the outside it will be October… probably before then… here is my problem... I have got so many oil stocks that have been driven down… why do I need the headache of BP? How do I know how much the cleanup is going to be? We are not a pro-business country… at least in Washington… how do I know that someone doesn’t say, hey listen let’s stick them with $100b bill? There are so many better opportunities out there … I do not need BP…"

Kansas City Southern (KSU): "I am worried about Kansas City Southern because there is an earnings hit here… because of Mexican flooding… it is not in the numbers yet.. I want to see those numbers come down… no one is talking about this Mexican flooding… it has really tied things up… you see the numbers come down and then I would buy it… not until I see the number cuts."

Research in Motion (RIMM): "Research In Motion I think is a dead stock…I am a seller of RIMM."

Frontier Communications (FTR): "I am a seller of Frontier until otherwise proven."

Exxon Mobil (XOM): "You know Exxon Mobil is neither here nor there… you finally get a 3% yield… I have got guys that are yielding 4% or 5%… why do I need these guys? I also feel, by the way, that Exxon overpaid for XTO dramatically… I am a huge believer in natural gas and I was a big believer in Bob Simpson who stood right over here… he is one of my absolutely favorite executives… Exxon paid too much so therefore Exxon… sell, sell, sell."

Citigroup (C): "It has now moved up so much that people are going to be disappointed no matter what they say… what matters to me is that the government is a big seller of its stock… and yet the stock is above where the average price that the government has been able to sell… that is bullish… do not buy it yet… wait it out… if you have not bought it yet, wait until it comes back after what Vikram Pandit says... I like Pandit… there will be another better buying opportunity ahead on Monday."

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Source: Cramer's Lightning Round - Who Needs BP? (7/14/10)