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:

Alibaba Group Holding: "I think it goes higher. I think it's actually not that expensive given its growth rate. I feel like I'm a minority of one. I don't care. That's [what] I feel."

Coherent: "Holy cow. Well, why don't we just sell $30 worth of this $198 stock and then just play with the house's money because it is, in the end, remember: it's lasers, photonic products. Someone could come up with a better mousetrap. But that is one good stock."

Advanced Micro Devices: "OK, Goldman put a "sell" [rating] on it, and Goldman's view is well reasoned. It's basically the same view that you could have for Nvidia, which is that these were the two hottest stocks, others are catching up to them both in technology and also price-to-earnings multiple, so therefore, AMD has got a marked time. And that's what I think AMD is doing."

Esperion Therapeutics Inc.: "Well, that's what people are thinking, that it is going to be a takeover. I do find it somewhat unlikely, but I do know that periodically, AstraZeneca, Novo Nordisk, Novartis, Sanofi, they all need pipelines. And buying Esperion would be one, but that's not a reason to buy, because remember: on a fundamental basis, it is overvalued."

Peabody Energy Corporation: "This company has come out of bankruptcy, and it's come out of bankruptcy at a very, very large valuation, and I don't think that's necessarily right. It's got a $2 billion valuation. I think the stock probably has a little bit more up, and then I would be a seller."

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