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Lightning Round: It's about to find a bottom

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:

Johnson Controls: "This company has so much going for it. It's got climate, which is a very good air conditioning company. It's a really really good battery business. And it doesn't matter right now because it's for sale because it's an industrial. We are not going to be able to pull the trigger on it at this level."

Jacobs Engineering Group: "Jacobs Engineering is perceived to be an energy stock, and we know the energy complex is still in free-fall so we are not going to be able to go near it. It's only down 18 percent, believe it or not that's relatively strong."

La Jolla Pharmaceutical: "If you are new to investing I think you have to start with a little less risk. I'm talking about a stock that's come down a lot that we like, such as a Bristol-Myers, it got hit very badly, and Eli Lilly. La Jolla is a very risky stock. I just want you to know that. Why? It doesn't have any earnings and that doesn't have any dividend. And that is what determines a risk profile."

Sherwin Williams: "If earnings mattered, you would be buying Sherwin Wiliams right here. But earnings don't seem to matter right now. I think it's a good company. I look at PPG right now by the way, it's down to $84. It is down from $118 and down 27 percent. It is in a very similar business, I would rather own PPG and accept the consequences that it is probably not done going down."

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WhiteWave Foods: "WhiteWave reported a terrific quarter, my charitable trust owns it. It is a stock that I do think is trying to find a bottom and it wouldn't surprise me if it finds one not that far from here."

Spark Therapeutics: "No, that is again one of these companies that even the big earning biotechs are not holding up. They have to hold up first before you can buy that stock."

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