It's that time again! The Lightning Round bell has rung, and Jim Cramer gives his take on a few favorite audience stocks:

Vale SA: "Vale and Ensco are two of the worst picks I've ever made. I will just have to own the fact that we did it ... we were wrong, made a mistake. Not yet taken the loss, let's put it that way."

Windstream Holdings: "They're doing this reorganization, and I think that 10 percent yield is a little too high for me, meaning that it makes me feel a little bit suspect. I know that a real estate investment trust is a good idea, but I think you should axe it."

Helmerich & Payne: "It yields 4.4 percent, that's not an idle dividend. They would never have raised the dividend if they didn't think that things were going to be fine. I am not going to tell you to sell it now. It's too low."

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Kate Spade: "Kate definitely did better than Coach and Kors. But people definitely feel that this whole group is really challenged. I think Kate is the best of the three, but that doesn't mean it's something I like. There are a lot of retailers I like a lot more, including Deckers and VF Corp."

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