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Stocks discussed in the lightning round session of Jim Cramer’s Mad Money TV program,Thursday, July 31.

Bullish Calls:

Petrohawk Energy (NYSE:HK) -- “This is a wildcat play. Everyone has given up on these. I say to sell natural gas at $8 is a mistake. I would buy and not sell.”

Allergan (NYSE:AGN) -- “I liked the quarter but the Street thought it was not strong enough. I reiterate the stock is good. Imclone (IMCL), Genetech (DNA) and Celgene (NASDAQ:CELG) are good.”

Coca-cola Company (NYSE:KO) -- “I went over the conference call and there was nothing not to like. I like Pepsico (NYSE:PEP) and Coke both.”

Bearish Calls:

Mastercard (NYSE:MA) -- “I did not like the quarter. It was not what I expected. Things did not compute - like domestic costs. Sell soon.”

Alon USA Energy (NYSE:ALJ) -- “I say no. It’s a refiner and I do not like refiners. Valero (NYSE:VLO) is doing badly and even Exxon (NYSE:XOM) was hurt by refining.”

Star Bulk Carriers (NASDAQ:SBLK) -- “I am still only recommending two, Frontline (NYSE:FRO) and Nordic American (NYSE:NAT). Don’t buy this stock now.”

Embraer Empresa BR (NYSE:ERJ) -- “The stock should be on fire but when Boeing (NYSE:BA) is going down you can’t buy the stock.”

CBS Corp (NYSE:CBS) -- “CBS is problematic. It needs more growth but it has a nice yield.  It's a tough one.”

Ace Insurance (NYSE:ACE) -- “This is the best house in a bad neighborhood. I say no. I would rather buy a bank.”

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Source: Positive on Pop - Cramer's Lightning Round (7/31/08)