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:

Blackstone Group: "A lot of people worry about Blackstone because the stock has acted poorly. I come back and say wait a second, the yield is fine and I want to be a buyer not a seller."

KKR & Co LP: "People feel that there is not a lot of room to be able to exit certain stocks and they want to come public. There is also a sense that they need high yield debt and the high yield market is closing. I have conviction that this stock over the long-term has been a winner and I'm not backing away."

Platform Specialty Products: "Platform Specialty is a company that needs high yield debt to continue to make the acquisitions that would make it so that the company is a growth company. That window for that high yield debt seems to be closing and that is why people are selling that stock."

Wal-Mart: "Longer term someone might be attracted to Doug Mcmillon's [CEO] turn at Wal-Mart with a 3 percent yield. I think the turn is a couple of quarters away. In the interim I would suggest why not buy Costco. It reports next week and it could have a really good quarter."

Annaly Capital Management: "I'm not a fan of Annaly. I think that the 11 percent yield will not necessarily make it up. People think it's a bond, it's not. I'd rather own something that has growth and dividend which would be General Mills."

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GW Pharma: "Right now these kinds of stocks, the biotech stocks, have fallen very out of favor...At the same time we've got a lot a problems with companies that don't have dividends, don't have buybacks. Unfortunately GW Pharma has neither of those. So therefore you have to be careful even though I like it long-term."

Potash Corp: "We have seen some bad numbers out of the agriculture companies this year. We have seen really bad numbers out of the fertilizer companies. That has a 7 percent yield but I am not attracted to it because as we have been seeing, those big yields are not protecting people anymore because people feel the stocks have more room down."

Celgene Corp: "Celgene is a very difficult situation, I'll tell you why. Because the stock is up huge from last year and because all of these stocks are in for sale right now I think if we look back at Celgene, if you get it under $100 you are going to be very proud. But let's wait until it gets there."

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