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Stocks discussed on the Lightning Round session of Jim Cramer's Mad Money TV Program, Wednesday December 22.

Bullish Calls:

Costco (NASDAQ:COST): "Costco reported a great quarter...everybody likes it. People feel it is going up too much...it is at $72...I see it pulling back to $70...I would pull the trigger because Costco is the best there is."

Annaly Capital Management (NYSE:NLY): "I like it even though they reduced the dividend slightly...reinvest it (the dividend) please, and you will make a lot of money. Buy, buy, buy."

Energy Transfer Partners (NYSE:ETP), Enterprise Products Partners (NYSE:EPD): "Energy Transfer has a 7% yield...these companies (both ETP and EPD) are good at transporting natural gas...some think EPD is better, but the yield isn't as good...Energy Transfer has a bigger dividend."

Airgas (NYSE:ARG): "Air Products has walked away (from a takeover deal)...now you are buying this stock on earnings. I would pick up the stock tomorrow morning at $60-$61."

Xcel (NYSE:XEL): "...a 4% yield...I think it is a terrific situation. You want to own Xcel."

Bearish Calls:

Teva (NYSE:TEVA): "I gave up on Teva...it is a fabulous play on generics...there is a belief that Novartis' drug for MS is going to hurt their branded drug and now I am giving up...I think Novartis is going to win this even though they are not competitive...we did not do well on Teva."

Molycorp (NYSE:MCP): "This one is way too hot for me to handle."

Diana Shipping (NYSE:DSX): "I am nervous. I've been watching the Baltic Dry Index go down. There are too many ships...when I get bullish on the sector, I think we get more ships in the water, and that makes the rates go down, so no, I am not going to pull the trigger on DSX."

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Source: Cramer's Lightning Round - Costco Is the Best There Is (12/22/10)