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:

Penn National Gaming: "You've got a really good gain there. The stock is up 34 percent for the year, you know, and I think there's nothing the matter with schnitzeling a little. Take some off, let the rest run. Don't forget Wynn is my favorite in that group, but MGM has come down a lot and seems to have bottomed."

KeyCorp: "Here's the problem with Key. A lot of people feel if we don't get two rate increases, the stock's going to go down. That just says more grist for the mill. I want to buy more Key. I think Key is terrific."

TherapeuticsMD Inc.: "They just had some great Phase 3 data for the vasomotor. I think that they should come back on because [those were] really some terrific numbers. It bucked the trend for biotech."

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