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Lightning Round: It's close to hitting rock 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:

Phillips 66: "I don't like the margins anymore on some of these businesses. You want to be careful — it is not my favorite name."

Exelixis: "I like the risk-reward on that one. Now for a $4 stock remember you can lose $4 and people aren't speculating right now, but I like that pipeline very much."

Michael Kors: "I finally saw an upgrade today. I think that stock is nearing a bottom. I would now say that and Coach are getting very close to rock bottom valuations. I wouldn't pull the trigger yet, but I'm no longer negative on Kors. And I've been saying sell it for about 100 points."

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Broadcom: "That deal is over, it's done. You ring the register and you move on."

International Paper: "It does have a 5 percent yield. I would start accumulating the stock at around 5.5 percent, which I think would mean it's still got some downside but I do think the yield is safe."

BB&T: "As long as you say long-haul ... but BB&T is not one I would throw away down here. It's just too cheap."

Intuitive Surgical: "Intuitive Surgical is like Netflix. These things do not need a powerful economy. They are really, really hard to own. But if you want to own one, whether it be a FANG or an Intuitive Surgical, it's fine with me. Don't own too many."

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