Mad Money Lightning Round: Cramer Likes Apple, Freeport McMoRan

On CNBC's Mad Money, Jim Cramer said during the Lightning Round that Apple (NASDAQ: AAPL) “appears to have recently bottomed at $310 a share. It sells at just three times cash. I believe that Apple can go higher."

Cramer said that he “did a huge mea culpa on Oclaro (NASDAQ: OCLR).” He added, “I would not sell here though; I would let it lift a bit, then sell."

For Caterpillar (NYSE: CAT) Jim said, "Cat has said that oil between $80 and $90 is the sweet spot. I think Cat is terrific here and the naysayers are idiots."

Jim said that Advance America (NYSE: AEA) is “terrific. It's got a high yield and that's great."

For AK Steel Holding (NYSE: AKS), Jim said, "I'm not a big fan of steel companies here. I'm not going to recommend them here."

Cramer said, “I saw Freeport McMoRan (NYSE: FCX) go down. I believe that FCX goes back up. I think you should be a buy, buy, buyer right here."

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