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Stocks discussed on the Lightning Round session of Jim Cramer's Mad Money TV Program, Monday October 3.

Bullish Calls:

EMC (NYSE:EMC): "Here's the problem...I like it very much...but you know what? Things want to go lower. Would I buy EMC here? Yes, but your first buy is not going to be your only buy."

Bearish Calls:

Apple (NASDAQ:AAPL): "Not yet...we said stuff about how these stocks (momentum stocks) are headed lower...we are going to step back and find a lower level."

Visteon (NYSE:VC): "No, we can't touch that...I know they restructured. I don't care. They are going lower. I don't care about the P/E multiple."

Frontier Communications (NASDAQ:FTR): "I don't trust the yield...I don't think the business is strong enough."

Sandridge Energy (NYSE:SD): "It doesn't matter how many times CEO Tom Ward comes on the show and says everything is fine. As long as oil goes down, people are not going to touch it...it is a mistake, but I understand it. If people think oil is going to $60, that company is going to have trouble refinancing. Do I think the company is in trouble? It doesn't matter what I think right now."

Ralcorp (NYSE:RAH): "They rejected that bid (from ConAgra) at a time they should have accepted it. I don't have any room for that. They should have accepted it. I say 'don't buy."

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Source: Cramer's Lightning Round - Wait For Apple To Drop (10/3/11)