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:

Staples: "No, they're getting in a fight with the government. That's a total loser proposition. It's time to go. That deal is not getting done. At least it doesn't seem like it."

RR Donnelley & Sons: "I know it's not doing anything, but you're picking up that yield as you wait for that split and the split is going to bring out value.

Transocean: "What we care about with Transocean, is that it is really linked to a very bad business, which is deep water drilling. I think it is going to be down the doldrums for a long time. Can it pop from $13 to $16? Yeah. But anything above a couple of bucks up here I want you to sell, sell, sell."

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Sprint: "You're really at the mercy of a very large investor who may or may not make to be a dawn of a new day. I prefer T-Mobile, which I think has bottomed at $36 after what a lot of people thought was a mediocre quarter, and I thought it was just fine. I am a buyer of John Legere [CEO]."

Radius Health: "I think it's a good story, but remember I said it was a high risk story. These ones go up and down like crazy. They are crazy, they jump up and down. You have to either believe for the long-term or you try to trade them. But the fundamental product is a good one."

Wells Fargo: "We have a giant position for my charitable trust ... I like that very much. We are just going to own it for as far as the eye can see. As long as John Stumpf [CEO] is running it, we like it."

Canadian Pacific Railway: "No actually I don't want to own that one. I don't want to own the rails whether they are trying to steal Norfolk Southern."

Annaly Capital Management: "It's reaching for yield, and we are not going to reach for yield. In this show we are not reaching for yield with the Fed starting to tighten, sell sell sell."

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