Cramer: Overreaction to this stock may cause a comeback

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:

Visa: "Because the class action suit was thrown out, I think it was an incredible overreaction. I told subscribers to, had it not been restricted because I mentioned it, that they should be a buy, buy, buy and I think the stock will bounce tomorrow after a difficult opening."

Sarepta Therapeutics: "This is one of those binary situations where they're either going to be up big or down big, which therefore takes me out of the equation. Too hard. Don't want to be in a battleground. Do want the drug approved though, for what that's worth."

Flex: "If you go on the Nike conference call, you'll hear that they really like Flex. I do, too. I think Flex is still an inexpensive stock even after the move this year."

Novartis: "I think that Novartis is a very inexpensive stock, and it should be bought. I think that it's one of those situations that you can buy that one. That's a buy and put away. I think you're in good shape with Novartis. That's a great idea."

Cliffs Natural Resources: "At $5, I don't know. I think that iron is trying to come back. But frankly the balance sheet is so bad I just can't recommend it. I just can't. I'd say don't buy, don't buy. If you have to sell down here, I would cut it in half."

Wynn Resorts: "I think Steve [CEO] is fantastic. I just got some Hong Kong numbers today that were very weak, which showed that maybe the people from overseas aren't coming there. I don't care. He takes the long-term perspective and I do too with Steve Wynn."

Valeant Pharmaceuticals: "I don't really care for Valeant. I don't care for Valeant not because of the management isn't trying everything, because Joe Papa we liked him at Perrigo because they got $31 billion in debt and that is going to be very hard to repay unless they make some dispositions. And when someone is trying to make a disposition people know that the seller is a little hobbled. Let's just say I think it's too hard. I don't want to own the stock."

Medivation: "I think that Medivation is worth a great deal. I think that they are going to have to come to the table ... I wish that they would buy the rest of Regeneron for the people that suffer from Regeneron, but that stock was at $5 when we first recommended it. I think that Medivation gets bought. I would hold on to it."

Fortress Investment Group: "We don't know what they own or what they're about. It's too hard. I've got enough problems saying that I think KKR is good. I'm going to have to say no, it's too hard to know what they own. Annaly is the only one in that kind of group in terms of not knowing what they really own that I'm actually kind of saying is OK."

Valley National Bancorp: "I like Valley Nat ... I think it's a great situation. I like local banks a lot more than I like national banks."

AstraZeneca: "Not as good as Novartis. I don't like the growth profile. I just feel like you would be better off with Bristol-Myers."

American International Group: "The stock is back to $52. I am actually concerned. I spent some time with the CEO. They do have a long-term care business that I don't care for. I want to see them dispose of or at least cap the losses. But at $52, I think you make it to $54 or $55. It's not going to explode higher. Travelers is the better one, so is Chubb for that matter.

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