Mad Money Lightning Round: Cramer Likes Freeport-McMoRan

On CNBC's Mad Money, Jim Cramer said during the Lightning Round that Alcoa (NYSE: AA) is an “undervalued company that's running on multiple cylinders. It's cheap."

Cramer believes that Walter Industries (NYSE: WLT) “wants to bring out value; so it might be a takeover target. I like it."

For News Corporation (NASDAQ: NWS), he said, "We needed to see the headline risk go away and it has. This is a great company that should be bought. They have a ton of cash and it has earnings power."

Cramer said that Freeport-McMoRan (NYSE: FCX) “returns a lot of capital to shareholders and I like it."

For Wendy's (NYSE: WEN), he said, "I've got McDonald's (NYSE: MCD), why do I need the biggie fries from Wendy's. I say buy McDonald's and sell Wendy's."

Cramer said, “My charitable trust owns Express Scripts (NASDAQ: ESRX) and it's doing OK. I'm holding onto it, I think it's a good hold."

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