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Cramer: It's a hot stock, but I'm staying away from it

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:

PayPal: "My charitable trust ... has been a seller at higher levels. We think it's a good situation, but it has stalled here because the last quarter was just OK. So, I am not going to pound the table and tell you to buy it."

Clayton Williams Energy: "It's a very hot stock, but it just went up $3 again. I think at this point we are just chasing it. We've got to stay away. It's too high."

McCormick Spice Company: "At this point, it's too high. The consumer packaged goods group has moved too much. I'm moving into the industrials and the financials here."

Chesapeake Energy: "It's back to life. Chesapeake has done a series of financing that made it so it can play longer. But I've got to tell you, I think Pioneer and Occidental are both better. The last one is owned by my charitable trust."

Novavax: "Novavax is Stanley Erck [CEO], he has done a lot of good stuff. I think people feel like they are at the cutting edge of solving some diseases. You never know what they'll do with some of the ones that we read about. I say it's a good spec."

Lockheed Martin: "It has come down a lot. You know, we sold it in the charitable trust much higher. We are still not intrigued. I think it can go to $220 or $210, and that is when we will pull the trigger."

Air Products & Chemicals: "I think Air Products is doing incredibly well. It fits the profile of the kind of industrial that I like here. Bruce Kamich who writes for RealMoney.com says to be careful of the industrials. I think they have more upside. I like them at this point in the cycle."

StoneMor Partners: "That yield I think is a little bit of a red flag at 10 percent in this environment, so I'm going to have to stay away."

Aratana Therapeutics: "I do like the pet group, and you know that I like Zoetis more and I like IDEXX Labs. I'm not going to deviate from those two."

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