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:

Carmax: "We did a look at these stocks, and they've gotten ridiculously oversold. Both Carmax and AutoNation. I know that the numbers aren't perfect, but I also have to come back to the fact that I think Ford and GM are too cheap. So I'm kind of warming up to this industry after... it's overly-hated. Let's just put it that way."

HCP: "An 8 percent yield. I don't like the news out of there. That's a red flag. We are going to stay away. We've got to have situations where the yield can be counted on."

American Water Works: "Very reliable, very good but only a 2 percent yield. I would wait for that one to come down. It's been too hot. I know that sounds odd, but it has been."

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Carlyle Group: "No, you can't sell it. If the IPO market opens up, than you're going to wish that you had not sold Carlyle. I feel the same way about Blackstone, I know these have been horrendous stocks. I don't want to give up on them down here."

WhiteWave Foods: "I was stunned that WhiteWave went from $51 down to $34, and we kept buying it for the charitable trust. I figured maybe this could be just a big mistake. But it wasn't! The stock is doing incredibly well, and you know what? I think it is going to go higher."

Universal Display Corp: "I think this company is doing incredibly well. I know it is valued very richly, but I think OLED has got the right technology. I'm behind it."

Enterprise Products Partners: "I think it is the best of the pipeline companies. The best of the master limited partnerships and the one I am least worried about. Therefore I am going to bless it, although I am not crazy about that group."

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