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Stocks discussed on the Lightning Round session of Jim Cramer's Mad Money TV Program, Wednesday July 27.

Bullish Calls:

Alcoa (NYSE:AA): "[CEO] Klaus Kleinfeld... he's a bright guy...he told a good story, but not a great story...I got to tell you...let me tell the AA story; this is a story that is on multiple cylinders. It's an undervalued company...it will get a bid because it's too darn cheap...it's got aerospace...it's got aluminum cans...it's green...it's cheap...There Klaus, that's how you do it. Take notes."

Walter Energy (NYSE:WLT): "I have to believe that (it is a takeover target). I think the company wants to bring out value. It has brought out value. I've been recommending this stock forever...one thing: these $100 stocks have been under a lot of pressure as people raise capital...space your buys. Use a scale down, but I like it."

News Corporation (NASDAQ:NWS): "This is one of those things where you needed to see headline risk go away...I will tell you this: NWS is a great company, and I think it should be bought. I wanted to be sure there would be no more headline risk, and I think that is now over. They've got a ton of cash. I like News Corp...they have earnings power...I care about earnings. They've got it."

Freeport McMoRan (NYSE:FCX): "...we have a Chilean conference...we've got Japan back online...we've got China growing. It's an urbanization story...I think you buy it on scale on the way down."

Express Scripts (NASDAQ:ESRX): "Express doing okay...going to do that bid with MedcoHealth...we're holding onto it. ESRX is a good hold."

McDonald's (NYSE:MCD): "I like MCD right here...I feel the dollar meal is good...I like the mango drink. It's darn good. You ought to check it out...I say buy McDonald's and sell Wendy's."

Bearish Calls:

Wendy's (NASDAQ:WEN): "I've got McDonald's down big...what do I need with Biggie Fries?"

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Source: Cramer's Lightning Round - The Alcoa Story (7/27/11)