It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:

Canadian Natural Resources: "This is in the natural gas and crude oil sector that I have said is toxic right now, and I'm not going to go back. It is not bottoming yet. If oil goes to $32 we are going to take a new look."

Lannett Company: "This is like Wayfair to me. In another market you really want to own this, it buys a lot of pharmaceutical companies. But right now I think we are just going to stay put. Stay away from it, and we will watch it."

Box Inc: "Aaron Levie [CEO] is doing a great job, but we want to focus on the stocks that do well in a bull market. If this stock is doing badly, can you imagine these so-called unicorns which are going to be shorn? Because he is doing very well. The $1 billion club, I'm calling him the $500 million club because Box is doing well and it doesn't matter I like the stock."

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IBM: "They have a lot of cash flow, it would be a great surprise to me if they cut the dividend. They are very committed to it. They do need to show faster growth without that 30 percent of the company that is data and analytics that I like so much. If they do that then this stock will go higher. But right now it is going lower and we need to see the next quarter before you can make a declaration."

AT&T: "I prefer Verizon. I just think Verizon has got a lot of good things going for it, I want to see how that DirectTV acquisition is done. That stock is not doing well right now and that to me in itself is a tad worrisome."

Zillow: "Zillow is not exactly what I want to own right now. I think you need better dividend stocks, you need more growth that is trusted growth so-to-speak. That's not to say that CEO Spencer Rascoff hasn't delivered growth, but longer term related so much to up and down housing which is what happened after Toll today."

Johnson & Johnson: "My charitable trust has owned JNJ forever and we are starting to lose a little faith, candidly. We did trim the stock and did not trim enough in retrospect as the stock now yields 3.3 and is in a downtrend."

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