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Stocks discussed in the lightning round session of Jim Cramer’s Mad Money TV program, Friday January 18. Click on a stock ticker for more analysis:

Bullish calls:

Mercadolibre (MELI): 'This is - and I repeat - this is the highest growth stock that I know. The way you buy these things is that they get hammered, and then you buy, buy, buy'
United Parcel Service (UPS): 'I say you have to buy this on a scale on the way down. First stop, $65, then $63, then $60.'
Cypress Semiconductor (CY): ' I would be a buyer of CY, before it reports next week. Let's pull the trigger on Tuesday for that one.'
Omniture (OMTR): 'When we do content delivery network systems, I always favor …Omniture …But, you know, this is a very tough market for that stock. I want to be very careful.'
Inverness Medical (IMA): '… let's just say it's in a neutral zone. If it got below $50, I would re-buy all the stock that I sold.'
Transocean (RIG): 'I think RIG can be owned, but it's going to be bumpy, because Schlumberger was so bad ... So, stick with RIG.'

Bearish calls:

Applied Materials (AMAT): 'I say don't buy... don't buy, don't buy.'
Tyco (TYC)
Amgen (AMGN): 'I think that AMGN is finished.'
Limelight Networks (LLNW)
NYMEX (NMX): 'Take the profit! You got the nice gain... I think the stock goes up a little more on Tuesday.'

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Source: Jim Cramer's Mad Money Lightning Round Picks, 1/18/08: Rocky Road for RIG