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:

Gilead Sciences: "Bruce Kamich who does the technical work at RealMoney.com said it looks like that stock's finally washed out. I've been waiting for that, I think it is being washed out. I would not sell the stock, I am more inclined to buy it."

PolyOne Corporation: "I like the chemicals here, but I am partial to Dow Chemical because I like the yield and I like the balance sheet."

Banc of California: "I got so many banks that I think are inexpensive, I'm not going to go there, sorry."

McDermott International: "The symbol says it's MDR, and it had murdered people for a long time but no longer. This is an infrastructure play, infrastructure is back and it's better than ever. Sorry, I'm concerned and I want to play it with General Electric."

Cyberark Software: "A very profitable company, it's in cybersecurity."

Potash Corp of Saskatchewan: "I think that Potash has had a big run. Now, if we want to play ag you know what we do, we play Agco because of Martin Richenhagen [CEO]. Cheap stock and he's in there buying it back."

Wynn Resorts: "Wynn, the problem here is that we've got a Chinese cross-current, which is why even though we like Steve Wynn [CEO] and think he's great, we've been recommending MGM. That's Jim Murren's [CEO] stock, he was on last week. I reference that because I thought he acquitted himself quite well on the National Harbor's new casino, excellent."

Transocean Ltd: "Transocean does offshore drilling, not onshore like Helmerich & Payne or Noble. Therefore, that is concerning me. Oil at $55 does not get new projects done, so I think that RIG, don't buy."

Smith & Wesson: "I've got to tell you, I think this stock is too cheap down at $21. A lot of people feel that there won't be new gun legislation and gun legislation really drives things. I think Smith & Wesson is a fine company. No one ever got hurt owning these vice stocks, strange as that is. Smith & Wesson is a win, I want to buy it here."

Ford Motor Company: "I think Ford's good, but I have to admit that GM's got more momentum. Why? They also have China, I think GM is doing a little bit better job than Ford. Ford is indeed in the crosshairs of President-elect Trump."

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