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:

Michael Kors: "The accessory stocks are doing better and I like Kors, but I think Coach is in better shape. I would pick up some Coach right here."

Advanced Micro Devices: "The personal computer space is hurting. It's even hurting for Intel, so that's certainly bad news for AMD. I would not take advantage of this recent rally other than to sell the stock."

HSBC Holdings: "No, I don't like that yield. I don't like the banks here. I do want you to stay away from that situation."

AeroVironment: "I like the stock. I like the kind of drone small unmanned aircraft space but if you want to own defense, my charitable trust owns Lockheed Martin. We did a little trimming just because it moved up so much the other day. But Lockheed Martin I think has a greater mosaic of defense spending, which is what you want."

Opko Health: "I think you're fine, it's coming back. They did an acquisition that a lot of people didn't like, they thought it was very dilutive. I believe in Phil Frost [CEO], and the stock is making a comeback. I'm not concerned about it."

Corning: "I think Corning is fine. I've got to tell you, it has been doing well as of late but I just don't have an edge there. I think that Corning is a company that historically did really well that had a big downturn. I don't really have a feel for it at this level. Although technically I know everyone says it is breaking out."

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Shake Shack: "Here's the problem with Shake Shack — it is really good numbers, but each store is valued too highly if you look at the actual market capitalization. So I can't recommend Shake Shack other than to tell you that if I ate burgers I would certainly go there."

Quintiles Transnational: "I think that is terrific. People are going to need drugs to be tested. There was a very good article today by the CEO of Eli Lilly in The Wall Street Journal talking about how expensive it is to get a drug through. And it made me think people should recognize that Quintiles is one of the parts of the process that is actually reasonable and really does help you get through a very difficult system with the FDA."

Celator Pharmaceuticals: "They got in to stage three, and they just raised some money. I think we're fine ... I'm going to have to come back for more information. I don't like to just cuff one of these since I don't know how that phase three drug is doing."

Tessera Technologies: "This chip package is very, very good but we are thinking that we like Skyworks Solutions more. And we like Broadcom, which is the old Avago. Those two are our favorites right now in that space, and we are not wavering."

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