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Cramer: The right price to buy JC Penney

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:

FirstEnergy Corp: "Lower quality. Too low quality for me. It's American Electric Power, my charitable trust owns that, or alternatively I will bless Dominion and maybe Con Ed. But not FirstEnergy."

JetBlue: "Don't buy, don't buy. Nope, nope, nope, nope and nope. I think that Delta is better and my favorite is LUV, Southwest Air, but that group is very tough to own."

MeetMe: "You did the right thing by taking out your investment and playing with the house's money. And I'm glad that you are in this business of picking stocks, but I do not know MeetMe. That is a stock I do not know. We will do homework, and I will come back."

Altria: "I am of two minds on Altria. I don't recommend tobacco stocks, but if someone insists on getting some yield and wants to be in them, that is fine. And Altria is the best-of-breed, sadly, because I don't like the breed."

Ellie Mae: "We had the CEO on ... That is a fantastic story. Thinking about buying that for the charitable trust. They are very good. I think everybody had to be impressed when he was on."

Encana Corp: "I have to admit, Encana is making a comeback. So is Chesapeake, but you know what, I'm a high quality guy. I want to upgrade and go with Occidental. Why? Because they had no problem paying that dividend."

Magna International: "It's good. It's in the auto parts business, and I'm not crazy about anything related to auto. I'm not saying peak auto. I am just saying listen, I just don't think that business generates a lot of good growth. I need growth when I buy a stock

J.C. Penney: "I would buy it right here under $10. I think it is terrific. I think that Ellison [CEO] is doing a great job. This is a terrific price to buy J.C. Penney."

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