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:

Enbridge Energy Partners: "Enbridge Energy, which yields 10 percent, is doing quite well. But you see it doesn't matter. It's part of this master limited partnership accommodation where there was $1 billion for sale at the end of the day, and that seller will be back. You have got to just wait. It's still going lower."

United States Steel: "I can't be positive about steel, because the Chinese are dumping steel so aggressively. As a matter of fact, only Nucore has been the only steel company that I will recommend. I'm very sorry, I don't have a reason."

Hewlett-Packard Co: "The company is splitting, and I think the parts are worth more than the whole. However it is in technology and technology is going lower right now. I think that you can own it for a while but you must understand there is going to be more pain ahead."

TruBlue Inc: "It does staffing and staffing has been really good. Just to be sure, I don't think that the stock is done going down. I think it's got some room to go. But I do like the broad enterprise software that it does."

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Icahn Enterprises: "I would hold it. The man [Carl Icahn] just came on and did a very long video about the problems with high yield debt. I would like to think he is hedged against the worst parts of this market. However I don't currently know what is in it, and that is always worrisome to me. That is kind of a black box."

Rite Aid Corp: "Rite Aid is in a house of pain. Why? Because it missed the last quarter and it's got a lot of debt and the companies that are very indebted and miss quarters get punished. I do think that the company has fundamental value and I am sticking by it, particularly after that acquisition."

Avon Products Inc: "Sherilyn McCoy [CEO] is a very good executive, but the company is down at $3. Look, let's put it this way: it could go to $2 and that's a very big decline on a percentage basis though."

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