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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