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Lightning Round: It's finally in the sweet spot

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:

Allergan: "Allergan has come down a lot. It's a charitable trust name, Jack Mohr and I have been saying look we know that a lot of stocks are under pressure — this one, too. I think that it is a mistake to sell it. I think it is OK to buy it."

A.O. Smith: "If I am going to own an industrial right now, it's not going to be that one because I want to own a yield play. So I'm going to circle back to GE."

Intercontinental Exchange: "I like that stock very much. It's come down a lot. I think it's actually a buy. That is a company that is really kind of profiting from the turmoil in the world, and I think it's worth owning."

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Celgene Corporation: "I've been looking at this company on the so-called out years. I think it can earn almost $7.50 next year. So you would be a buyer at these prices. I agree with that."

Dollar Tree: "I like Dollar Tree very much. I think it's in the sweet spot. I like Wal-Mart, I like Dollar Tree, I like Dollar General. I think these are all correct in this environment. I know it sounds weird to just say that I like a stock in such a horrible market, but I do. I like that."

KKR & Co: "We could be talking about Carlyle Group, we could be talking about Blackstone. We are talking about KKR. All of these companies need IPOs, they have not been able to do IPOs. So I'm going to have to say I don't mind it long term, but short-term I think there is a lot of pain still to happen."

Joy Global: "No. If I want to own a cyclical, again I'm not going to sugar coat — I'm going to circle back to GE. I need yield protection and I need good growth across the board."

Valero Energy Corporation: "I think there is going to be a big squeeze in the refiners. I don't want to touch them, and I think that a 4 percent yield is not enough to be able to protect you."

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