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Cramer's lightning round: This group's rally was a telltale sign of Wednesday's dip

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:

Momo Inc.: "See, this was the sign that we were due for a correction. I knew it when I left the office. When I left here yesterday, I said, 'Momo's up, you've got every single one of these companies from China, they're up 10, 15 percent.' And that was the signal that things had gotten too speculative and I did not catch it until I left the office and I'm really bummed about that. But no, you can't buy it. We're going to see [Alibaba] reporting, and let's just hope that that can turn things around. But holy cow. That group was a bad tell for this market."

Under Armour: "OK, Under Armour's really interesting because on the Kohl's conference call, they said business is very, very good and they like the Under Armour introduction and it's selling well. But we have Foot Locker to come out and I think that Under Armour's being squeezed still by Nike and by Adidas. I have no catalyst to tell you to buy it. That's the problem."

E-Trade Financial: "It's an inexpensive stock and I really believe that this market is going to allow people to come back in and that they will make money, but not if the Fed doesn't raise the rates twice. This one needs two rate hikes to make the big money, so now we have to wait a little bit to see if we get the second."

iRobot Corporation: "OK, we just commissioned today a piece about what the heck is happening with iRobot. We want to figure it out ourselves. We think it's moved so much we have to do a piece. We don't necessarily think we can recommend it, but we've got to get behind it."

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