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

Bullish Calls:

Lions Gate Entertainment (NYSE:LGF): "This is a great long-term buy...they have a franchise. I believe strongly you can own it...it is no longer just a trade."

Time Warner (NYSE:TWC), Discovery (NASDAQ:DISCA): "I like Time Warner better (than Viacom) and I like Discovery more. DISCA is hitting it out of the park."

Bearish Calls:

Sunrise Senior Living (SRZ): "The stock doesn't trade well. We need a more robust housing market."

McMoRan Exploration (NYSE:MMR): "This has been a very disappointing stock...oil stocks look like they are rolling over. I don't think it is a sell at this level, but this is just a nasty decline."

Molycorp (NYSE:MCP): "Given the strength of the market, people say you have to own it...that stock is too speculative for most of our viewers."

Alon USA Energy (NYSE:ALJ): "Refining is too dicey a business. I don't want to be there anymore. It's not a play for me."

Bank of America (NYSE:BAC): "It's had a big run. It is no longer the cheapest in the group, up 70% year to date. The regional banks are the ones I am pushing. I think those are the best buys."

Viacom (NASDAQ:VIAB): "I like Time Warner and Discovery more..."

Newfield Exploration (NYSE:NFX): "That is way too dangerous. NFX has come down. I am worried. It is about one of the worst charts I have ever seen. We have to be careful. We don't want too much natural gas."

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Source: Cramer's Lightning Round - Lions Gate Is Still Roaring (4/3/12)