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:

J.C. Penney: "I'm concerned about mall traffic. I think mall traffic is slow enough that I actually cannot right now say buy J.C. Penney. As a matter of fact, I'm going to say don't buy."

NCR Corp: "It's had a very huge run. I do like Bill Nuti [CEO] from the old days, but I do think the stock is up too much. I'm not going to recommend it right here."

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SciClone Pharmaceuticals: "It's up a lot, too. They have been trying to cure a lot of diseases, and I think it is too speculative after this very big move."

Consolidated Edison: "Con Ed has been a recommendation since we started the show, and even though it is all the way up to the $70s, I still like Con Edison."

Regeneron Pharmaceuticals: "The spec biotechs, some of them hit highs this week. I think those are dangerous. The big ones — Celgene, Regeneron — I think are still good. Regeneron I think is a buy, but you have to be willing to accept the fact that there could be some price risk."

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