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Stocks discussed on the Lightning Round session of Jim Cramer's Mad Money TV Segment, Tuesday May 3.

Bullish Calls:

Gilead (GILD): "Is one of the stocks that has to catch up with the rest of the healthcare segment. I think it's way too cheap. It is down on its luck...people feel it doesn't have enough growth...I want to buy Gilead."

Alcoa (AA): "Hold on to Alcoa. It is still below where it was when it reported a good quarter people didn't like...there is rumored to be a bid, but I don't comment on rumors when I don't know the truth. AA is darn cheap.I said it would be the best performing stock of the Dow for 2011, and I am sticking by that prediction regardless of takeover rumors.

National Grid (NGG): "...a 4% yielder...consistent growth...buy, buy, buy."

Bearish Calls:

Northern Oil & Gas (NOG): "There are questions of the accounting...it is a Bakken play. I am less sure of myself...It doesn't mean it doesn't have value. I am jarred by the accounting issues, and it looks like right now momentum has left the stock."

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Source: Cramer's Lightning Round - Gilead Is Down on Its Luck (5/3/11)