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:

Taser International: "I have liked Taser for ages, and I reiterate that I still like it. I know it flew and came back down, but I think it's a good stock."

Communications Sales & Leasing: "It's got too high of a yield. It makes me want to worry that it shouldn't be a red-flag situation. They shouldn't be that big. If the company wants to come on and talk about it, that's fine. But it's not my cup of tea."

Alexion Pharmaceuticals: "A lot of people like this stock. You know what, if we reach down 23 percent for the year, if the bear market in biotech is over it will roar because it's always been considered an attractive takeover target."

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Nvidia: "You're buying at an all-time high. I cannot count it as buying at an all-time high when we have Janet Yellen speaking on Friday. I think you've got to hope that you can get it a little bit lower than this."

: "It's a battleground stock. We don't know what's going to happen with this one. I have been thinking that they are going to get approval. That's how I feel, but I don't have enough background, but that's what I feel."

Costamare Inc: "It's container ship, I still think it's too dicey. You need that baltic freight [index] moving up and you don't have it. The only shipping company I am recommending is Nordic American Tanker because that is an oil tanker ship."

Smith & Wesson: "I have liked Smith & Wesson. When it spikes on a terrible unfortunate incident, I say sell it. But when it comes back down, I've told people to buy it."

Medivation: "I understand there are multiple suitors for this company. I have to believe that where there is smoke, there is fire."

Delta Airlines: "Remember, we don't care where it's come from we care where it is going to. At this level I would not sell Delta, I would be a buyer of Delta."

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