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Lightning Round: When to scoop up JC Penney

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:

Priceline: "I think Priceline is the kind of high dollar stock that people are selling in this environment. I want to buy into it as it comes down in stages, not all at once."

ConocoPhillips: "In a market where the oil stocks are down we have to buy the highest quality, which Conoco doesn't count. I would much rather see you be buying EOG, the growth stock that my charitable trust owns."

Del Frisco's Restaurant: "Del Frisco's did not have a good quarter and the previous quarter wasn't that good. I cannot advise necessarily holding on to that, I was disappointed with the quarter, very candidly."

CSX Corporation: "It's got the coal taint. I'm not buying anything that relies on coal to be able to make the numbers."

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Travelers Companies: "Travelers is incredibly well-run. It buys back stock, it's not an exciting stock. I don't need excitement, frankly, I do like it."

Medtronic PLC: "I like Medtronic very much. The Covidien deal was good. I do like the fact that the tax domicile changed. Medtronic has not missed a quarter in a long time, but I do like Edward's Lifescience more though just so you know."

J.C. Penney: "I like the new CEO of J.C. Penney. The stock has been up a lot. How about we wait until it gets to $8 then we pull the trigger. It's that type of market."

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