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:

Cypress Semiconductor: "They give you this return of capital yield — which is pretty amazing — which is 5.45 percent. At $8 I can't count this anything other than to buy the stock. But we are in a world of hurt bear market for certain stocks, including that one."

Boston Scientific: "It's an inexpensive stock. I do prefer Edward's Lifesciences, I think they've got the better mouse trap. That's where I'm going in that group."

Fifth Third Bancorp: "I shutter at the banks, to say something good about a bank. Fifth Third is a good bank but I can't count on us buying it right now. This group has got to wash out, and it's not washed out yet."

Covanta Holding: "It's got all these little businesses and I don't really understand it. But it's got a 7 percent yield, which now at this point says whoa be careful. It no longer says that is an opportunity. It says be careful. Those big yields are now red flags in this market."

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Kroger: "Everybody thinks it's a good stock. And that's really the issue. It's the place to hide. I thought it was a good stock, you thought it was a good stock. The fact is that it's a good company, but all stocks are going down right now. It just has to be until we get some clarity from the Fed. My checklist is driving all stocks down, and I'm not going to get in front of it other than to say that I think Kroger is doing a great job and one day the market will come to its senses."

Mattel: "I saw the Goldman upgrade, I thought it was good but now because it has an upgrade it's got a little pump into it. You've got to let the stock come down now. I think that in the end, Mattel is a good company and I believe that the yield is safe. But now the stock is up on a bad day, that means it's down tomorrow."

Linear Technology: "The stock I like in that group is LRCX. I like Lam, I think that is the company that is doing the best. They are all going down, but that is my favorite."

Canadian Natural Resources: "I'm not recommending any fossil fuel stocks here. None. I can't. I've got enough problems with all of these great tech and food stocks. None."

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