On CNBC’s “Mad Money Lightning Round,” Jim Cramer recommended buying First Horizon Corporation (NYSE:FHN), adding that it’s a “terrific” and “very inexpensive” stock.

Lending support to his choice, First Horizon, on July 15, posted better-than-expected second-quarter results. The company posted adjusted earnings of 54 cents per share, beating market estimates of 52 cents per share.

Cerebras Systems Inc. (NASDAQ:CBRS) is “down so much and the PE multiple is not that high. It’s just that I don’t want to buy a lot of tech,” Cramer said. “The only one I’m currently buying is Intel (NASDAQ:INTC).”

Mizuho analyst Vijay Rakesh, on Monday, maintained Cerebras with an Outperform rating and raised the price target from $300 to $310.

Nike Inc (NYSE:NKE) is “OK,” Cramer said. “The problem with Nike is it’s trying so hard to get things turned around, but there’s a lot of competition… We sold it for the Charitable Trust because it’s just OK, and we don’t want to own just OK.”

In the U.S., Nike’s rivals include Adidas, Hoka and New Balance. Abroad, the company competes with Puma in Germany, On in Switzerland, and Asics in Japan.

On the earnings front, Nike, on June 30, posted fourth-quarter revenue of $10.97 billion, beating analyst estimates of $10.86 billion, according to Benzinga Pro. The apparel company reported adjusted earnings of 20 cents per share for the period, beating analyst estimates of 13 cents per share.

Price Action

• Cerebras shares fell 5.3% to settle at $188.61 on Monday.
• First Horizon shares slipped 0.2% to close at $25.48 during the session.
• Nike shares gained 1.1% to settle at $42.14 on Monday.

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