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:

Linn Energy: "They just suspended their distribution, so sell sell sell."

Teladoc Inc: "Teladoc kind of lost that contract after they were on, so that was uninspiring and sub-optimal. So I think you have to keep doing some work on that one."

Centerpoint Energy, Inc: "I think it's too low. I think at 5.35 percent [yield] I think that's a buy. I think that stock is down too low, I like that idea."

Blackstone Group: "It's a winner, not a loser. I like Blackstone very much, I think it should be bought here."

CVS Health Corp: "I like CVS. I saw the stock get pummeled here. I know the chart is terrible...but I think you start buying CVS right here. Buy it 25 [shares] here, 25 at $95, 25 at $92, and 25 if it gets to $90. And I think you could have a great position over multiple year's time."

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Transocean Ltd: "Transocean is probably done going down. If that is the case, I would buy Schluberger not Transocean...I come back and say that if you like Transocean, buy the highest quality, buy Schlumberger."

Seagate Technology PLC: "I think Seagate is cheap, I like the deal that Western Digital did selling 15 percent of the company...That makes me want to own Seagate. It's old tech and that is working."

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