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:

FirstEnergy Corp: "Lower quality. Too low quality for me. It's American Electric Power, my charitable trust owns that, or alternatively I will bless Dominion and maybe Con Ed. But not FirstEnergy."

JetBlue: "Don't buy, don't buy. Nope, nope, nope, nope and nope. I think that Delta is better and my favorite is LUV, Southwest Air, but that group is very tough to own."

MeetMe: "You did the right thing by taking out your investment and playing with the house's money. And I'm glad that you are in this business of picking stocks, but I do not know MeetMe. That is a stock I do not know. We will do homework, and I will come back."

Altria: "I am of two minds on Altria. I don't recommend tobacco stocks, but if someone insists on getting some yield and wants to be in them, that is fine. And Altria is the best-of-breed, sadly, because I don't like the breed."

Ellie Mae: "We had the CEO on ... That is a fantastic story. Thinking about buying that for the charitable trust. They are very good. I think everybody had to be impressed when he was on."

Encana Corp: "I have to admit, Encana is making a comeback. So is Chesapeake, but you know what, I'm a high quality guy. I want to upgrade and go with Occidental. Why? Because they had no problem paying that dividend."

Magna International: "It's good. It's in the auto parts business, and I'm not crazy about anything related to auto. I'm not saying peak auto. I am just saying listen, I just don't think that business generates a lot of good growth. I need growth when I buy a stock

J.C. Penney: "I would buy it right here under $10. I think it is terrific. I think that Ellison [CEO] is doing a great job. This is a terrific price to buy J.C. Penney."

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