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:

Tech Data: "It's a very inexpensive stock, a wholesale distributor. May I suggest that we go with Avnet, down 5 percent already for the year and I think a really good balance sheet and has great management with Rick Hamada [CEO]."

Orbital ATK: "This is the stock for this environment! You know I've been recommending this thing forever saying that defense budgets are going higher. With a 52-week high you've got a winner."

Whiting Petroleum: "There's no reason to buy. I've got high yielding oil stocks that can pay the dividend. We don't want to go there."

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CSX Corporation: "It yields 2.95 percent now. It gets to 3.5 percent yield and it's a buy, buy, buy."

Spirit Airlines: "We don't care where a stock has come from, we care where it is going to. I'd like to know more about why Mr. Baldanza [former CEO] left the company. I have to know more before I can just say yes go buy it. He's been a guest too many times."

Potash Corporation of Saskatchewan: "Potash has got that 9 percent yield, which means that I think that the dividend may not be able to be covered by the cash flow. It's a little worrisome to me. Monsanto reported a better than expected quarter, but I am not really a Potash fan frankly."

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