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

Bullish Calls:

Caterpillar (NYSE:CAT): "Everyone hates CAT...was I too aggressive on CAT? I've liked it for years...I'm not going to cut and run now. I am a buyer of CAT."

Peabody (NYSE:BTU): "Coal and copper and oil are all going down. I am looking at BTU, and am shocked that it is at a 52 week low...why am I buyer? Because there is a coal supercycle going on and BTU is the best... I think it is a buy at $41."

Enterprise Products Partners (NYSE:EPD): "Every one of the MLPs is trading down because of worries...that they are going to get rid of the terrific tax breaks...I think the stock is dirt cheap...but beware of the negative chatter."

Philip Morris (NYSE:PM): "...it had a monster quarter. That is one of my favorite stocks, even as I do not like tobacco."

Bearish Calls:

USG (NYSE:USG): "No, no, no...that is quintessentially the wrong stock right here. I haven't liked it for a long time...it could go below $5."

Ford (NYSE:F), General Motors (NYSE:GM): "It doesn't matter whether it is Ford, it doesn't matter whether it is GM. People feel we are going into recession...the first stock you are going to sell in a recession is an auto company...it doesn't matter how well they are doing."

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Source: Cramer's Lightning Round - Everyone Hates Caterpillar (8/22/11)