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Lightning Round: Hold it. They are too smart

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:

Baxter International: "I think Baxter is good. I do prefer EW. Why EW? Because they have an amazing device that makes it so you don't have to crack the chest cavity. That is why Edwards Lifesciences is better — that's for open heart surgery."

Blackstone Group: "You need an IPO market for that one to do better. But I'm not going to leave those guys. They are too smart. Therefore I am going to continue to say hold it. I know it has been very unrewarding."

BP: "No, don't start playing it [oil patch] with that one. That is a stretched balance sheet, no-go situation. Exxon and Chevron if you want to go there. The charitable trust owns Occidental where the yield is safe. But boy I would be very careful with BP."

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Wendy's: "We have spent some time with Wendy's, we like them. But the problem is we also like Easterbrook [CEO] over in McDonald's. This is a winning segment right now."

Alibaba: "I don't recommend Chinese stocks on this show, but I have to admit the action in Alibaba is very encouraging and therefore I think that Yahoo may be good again."

New York Community Bancorp: "No, we are going to say don't buy, don't buy. We really don't want to be over weighted in the banks or health care right now."

Conagra Foods: "I think CAG is doing a very good job restructuring and I want to stick with it. At $43 I like it very much."

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