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Stocks discussed on the Lightning Round session of Jim Cramer's Mad Money TV Program, Thursday May 12.

Bullish Calls:

Spectrum Pharmaceuticals (SPPI): "You called it your lottery play... it's your spec... you've done the research... all that said it is a spec... it ain't no Procter & Gamble."

Heckmann Corporation (HEK): "I am a buyer of Heckmann from way back... U.S. builder name... this is a terrific water play - the only one I am recommending, and I will reiterate it makes an excellent spec."

Acme Packet (APKT): "I like Acme Packet because it does this thing called SBC session border control. It allows different phone companies to talk to each other over the internet. That is a red hot sizzing area. It is not going to get cool anytime soon. APKT reported a fantastic quarter."

New Gold (NGD), SPDR Gold Trust ETF (GLD): "All the golds are going down... all of them... why is that? They got too hot, the price of gold is stabilizing, this is a seasonally weak time for gold stocks. I think you take advantage of it and leg into one you like. I stil prefer the GLD... GLD has been holding up... first is bullion, then GLD, third is the miners... they are so oversold you have to start legging in."

Caterpillar (CAT): "It broke down today... any opportunity to buy, you take it... they see no slowdown. If you are going to take your cue from the price of oil and sell Caterpillar, you will really shoot yourself when they report again... we are itching to get some more."

OmniVision (OVTI), Apple (AAPL): "I think (OmniVision) is a buy... this is one of those connected with Apple... I like stocks connected with Apple... including Apple. I got guys saying 'Give me a break with Apple.' Why? Because it hasn't moved in a couple of weeks? Stocks sometimes recharge their batteries."

There were no Bearish Calls on Thursday's Mad Money Program

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Source: Cramer's Lightning Round - Spectrum Is a Spec, Not a Gamble (5/12/11)