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Stocks discussed on the lightning round session of Jim Cramer's Mad Money TV Program, Thursday October 7.

Bullish Calls:

Home Depot (NYSE:HD): "Oh... two downgrades, including one today that just... it hurt me. The downgrade hurt me. It did. It like crushed me to my core...I am a believer in housing. I think that Home Depot is not done. I saw that the stock didn't even pull back on the downgrade... buy, buy, buy... What does that tell you? It tells you to buy, buy, buy."

Sprint-Nextel (NYSE:S): "I like you! You've got horse sense! This is an inexpensive stock... buy, buy, buy! I think it makes sense."

Prudential (NYSE:PRU): "Prudential reported a great quarter. It's buying the AIG business. You know, it's buying a particular part of the Asian business. Here's the problem... PRU is waiting to do an equity deal. People are waiting for that deal. I think you should get in on that deal."

Bearish Calls:

Micron (NASDAQ:MU), Advanced Micro Devices (NASDAQ:AMD): "Oh man!... No!... Sell, sell, sell! Hey listen, I've got semiconductor companies that are good, up the wazoo... without that in the food chain. That and Advanced Micro Devices are both sells."

Tesla Motors (NASDAQ:TSLA): "Oh man, I'm going to sell more cars this year than Tesla... I don't like Tesla... sell, sell, sell. I think that we need to be in Ford... not the preferred. That one is now on the sideline, trading above par. We like Ford common (stock) on the breakout above $13. That's a better one."

Manulife Financial Corporation (NYSE:MFC): "I prefer you to be in a better blue chip, which is Prudential."

Callaway Golf (NYSE:ELY): "You come to me with a winning team like the Spartans (caller was from Michigan), and then you pollute it with a golf stock that has no edge whatsoever! I say the heck with Callaway! Put it all... all in... Michigan State!"

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Source: Cramer's Lightning Round - Home Depot's Downgrades Just Hurt (10/7/10)