Jim Cramer's lightning round: IBM's downgrade makes no sense

"Mad Money" host Jim Cramer made buy and sell calls on shares of First Horizon, IBM and more stocks in Monday's lightning round.

First Horizon National Corp.: “This stock is not down as well as I thought because I think that the acquisition was a brilliant acquisition. Others don’t. I think they’re wrong. [CEO] Bryan Jordan understands.”

HollyFrontier Corp.: “I’m not going to disagree with you. I think it is a value play, as long as you accept that. I do like Valero more than HFC, but I definitely understand why you want to buy a stock that’s down and out.”

Chevron: “Well that is the best one. If you’re going to be in one of those big internationals other than BP – BP’s got a 6%, this one’s got a 4% yield. [CEO] Mike Wirth is a thinking person. I think he’s doing a good job, but again: he is fighting the tide of one of the great bear markets in history.”

International Business Machines: “I’ve got to tell you, IBM [is] problematic. Downgraded this morning from a buy to hold. I’ve got to find out more about that, didn’t make any sense to me.”

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