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

Bullish Calls:

Ford (F): "I prefer Ford at $13. Now let me make something clear... sell, sell, sell... after a fantastic run, where we quadrupled, sell the Ford Preferred, and start buying the Ford Common as of tonight."

Chipotle Mexican Grill (CMG): "However, when I see a run like this - whether it be for Chipotle or Panera - I get nervous. Do I want you to sell ahead of the quarter? No. But I do believe, those who are going to come in right now... you get a better entry point very soon."

EMC (EMC), VMware (VMW): "We owned VMware. I finally couldn't take the nosebleed. I swapped into EMC which, of course, is the parent of VMware. Then, the other day, people start rumoring down EMC, saying the quarter's light. I take a little profit... in full fairness, I sent out a bulletin the other day... I still like EMC. I think it's the better of the two because of the valuation parameters."

MedQuist (MEDQ.PK): "I like it. I like it. I also like the business. I like anything that makes it so that hospitals and healthcare comes down in cost, that makes it cheaper. That's the way I like to play it."

IBM (IBM): "I'm hurting on this one. My friend... John Roke who stood right here the other day... he's that technician friend of mine... said that gold's going higher. He said that IBM may be the best chart in the book. That is a quandary for me. Why? Because I have not been recommending IBM. But I think that the chart is so compelling, and Roke is so compelling, that I've got to reconfigure and, right now, IBM is looking more bullish than bearish. So maybe you stick with IBM."

Bearish Calls:

Ford Preferred (F.PS): "Now let me make something clear... The whole way, I've been recommending the Ford Preferred. I'm done. The Ford Preferred is back to where I think it's very close to where it could be called. The upside is capped. Now I am telling you... sell, sell, sell... after a fantastic run, where we quadrupled, sell the Ford Preferred."

Tata Motors (TTM): "Here's the thing about Tata Motors... It is being swept up by the whole Indian market, which is just on fire. Do I like Tata Motors at $26? Not bad. I prefer Ford at $13."

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Source: Cramer's Lightning Round - No Longer Prefer Ford Preferred (10/5/10)