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Stocks discussed on the Lightning Round session of Jim Cramer's Mad Money TV Program, Monday May 7.

Bullish Calls:

LSI Corporation (LSI): "People don't understand it...it keeps getting better and better. That was a great quarter...that was on fire. LSI should be bought."

Time Warner (TWX): "I want you to own it...it is a sub rosa housing play. They continue to deliver good content and are doing a good job."

Cliffs Natural Resources (CLF): "I like the yield...it's at 4.2%. They just raised it. People hate commodities stocks, but that yield is going to make it stabilize."

Bearish Calls:

Scholastic Corporation (SCHL): "The earnings have been inconsistent there...I am tired of stocks that go up huge and they go down huge. Don't buy."

ARM Holdings (ARMH): "I'm worried about ARM Holdings. I think Intel is going to challenge them. I am concerned that it has gotten overvalued. That is a new position for me."

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Source: Cramer's Lightning Round - People Don't Understand LSI Corporation (5/7/12)