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:

Blackstone Group: "I think it's fine. It's not going to run away because there is no IPO market, but I'll bless it."

Allegheny Technologies: "No, the only steel company I am recommending right now is Nucor. I do like Alcoa, by the way, it just got hit."

Apache: "Look, they need to raise capital. I'm only recommending Occidental, Exxon, Chevron and Schlumberger in that group. Occidental and Schlumberger are two that my charitable trust owns."

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Two Harbors Investment: "That is such a hard one. I see that 13 percent yield, and all I can say is red flag. You shouldn't be able to earn that much."

Cheesecake Factory: "I happen to like Cheesecake Factory. Did you see Darden's numbers today? I think that restaurant segment is on fire."

Frontier Communications: "I never like to reach to get yield. When there are fine companies like Verizon that give you a better one."

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