On CNBC's "Mad Money Lightning Round," Jim Cramer said his charitable trust fund owns Schlumberger Limited (NYSE: SLB) and the position was disappointing. Instead of Schlumberger, he would buy BP plc (NYSE: BP).
Cramer doesn't want to buy PBF Energy Inc (NYSE: PBF).
Instead of Applied Materials, Inc. (NASDAQ: AMAT), Cramer would rather buy Lam Research Corporation (NASDAQ: LRCX). He thinks both companies are going to do well, but he expects Lam Research to perform better.
Targa Resources Corp (NYSE: TRGP) is way too dangerous, said Cramer. High yield is not a good sign.
There are massive headwinds right now for HP Inc. (NYSE: HPQ), said Cramer. He can't recommend it at the moment and he needs to see a better quarter than the last one.
Cramer is not a buyer of Mallinckrodt PLC (NYSE: MNK). He wants to own quality names instead.
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