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Lightning Round: It was oversold when it reported

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:

Vonage Holdings Corp: "I'm a yield guy when it comes to telco. That's going to put me square in Verizon if I want a little growth and T-Mobile, which I thought got oversold when they reported."

Sierra Wireless: "I don't know, this internet of things has been heavy but I think Sierra Wireless is good. There is so much consolidation it is not that expensive of a stock. I'd hold on to it."

Rackspace Hosting: "Down 44 percent. It disappointed so many times. Maybe this quarter they would pull it out, but I've got to just say that this think has been reeking of disappointment."

Weight Watchers: "It's had a big move because of the affiliation with Oprah, and buying the stock. I think it's time to take the gain."

Novavax: "I think it's a buy. I can't believe how low this thing has gotten...This is actually just absurd. They are doing much better than the stock indicates."

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Verifone Systems: "I know it's not getting any respect. I know it's a slower spending cycle than we thought, I want to stick with it."

Woodward: "I like aerospace very much. But if I like aerospace, I'm going to go Boeing. Okay, I'm going to go Boeing. Secondarily I'm going to go Honeywell, and yes I'm going to stick my head into the lion's den...I would go Alcoa at $8."

Ironwood Pharma: "It's speculative. We are going to bless it for speculation. It's come down, so I'll say it's okay. But it's speculation and given your age is the same as about my age I don't know how much you want to speculate."

Fortinet: "The guidance was weak, and that's why I think Palo Alto. You've just got to keep going with best in show. That was suprisingly weak guidance. I did expect more from Fortinet. I understand the desire to play it, but I'm sticking with the best-of-breed."

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