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Stocks discussed in the lightning round session of Jim Cramer’s Mad Money TV program, Wednesday January 30. Click on a stock ticker for more analysis:

Bullish calls:


Foster Wheeler (FWLT): 'I've seen this stock decline 23%, and I thought it was time to pull the trigger... Ray Milkovich [CEO]`… talked about the possibility of trillions of dollars of contracts .. mostly in the Mid East.'
Emerson Electric (NYSE:EMR): 'EMR's just a great American company doing its thing... I like that stock. I would buy it here.'
Flextronics (NASDAQ:FLEX): 'You don't get one great quarter like that FLEX... There are going to be tons of good quarters. I want you to pile in. I want you to be in FLEX! "
Waste Management (WMI): 'Yes! It's really a GDP (i.e., gross domestic product) play, believe it or not. We produce more trash than anyone.'
PetroChina (NYSE:PTR): ' I like PTR! I know, I read the articles. It's come down more than 40%'
Focus Media (NASDAQ:FMCN)

Bearish calls:

Under Armour (NYSE:UA): 'when they blow the quarter, the way UA did, they are in the long-time penalty box... I mean, like injured reserve! I don't mean like three minutes for fighting!'
E*TRADE Financial (NASDAQ:ETFC)

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Source: Jim Cramer's Mad Money Lightning Round: 1/30/08: FLEX Your Muscles