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:

Lockheed Martin: "You want to be in Lockheed Martin, because both democrats and republicans favor higher spending on defense, and Lockheed Martin's got tons of orders coming in from overseas. Inexpensive stock."

Taser International: "This stock is too cheap, Taser. Now we're in a bear market. Remember, we're in a bear market where stocks that aren't supported by big dividends and have low valuations will go down if their earnings aren't on fire. I think Taser is an inexpensive stock."

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Ruckus Wireless: "Let's just understand this here — use it as an experiment. If you hear wireless, you should be thinking Verizon. If you can't do Verizon, then you think AT&T. If you're younger, you think T-Mobile and John Legere [CEO], but not Ruckus."

Seagate Technology: "This stock is so cheap, I don't know what to say. 8 percent yield, but what that yield says is that it's a red flag. The red flag says they may not have the capital to be able to back it up. We are going to, let's say, take a pause in Seagate."

Skechers USA: "Skechers has come down a great deal from where it was, but at the same time remember — the stock is up huge. So I say let's wait and see the quarter, in time we can buy some after we see the quarter."

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