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Cramer's lightning round: Nobody ever made money betting against this CEO

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:

Abbott Laboratories: "Yes, Abbott, yes. Look, this is [CEO] Miles White. Nobody ever made any money betting against Miles White. I'm going to be a buyer of Abbott."

Berkshire Hathaway, Inc.: "Well, I think that I don't want to go against [Warren Buffett's] judgment because he's the best I've ever seen and I am sure that he's also taking care of the idea of who should go after him. So I like that stock on the both short and long term basis."

Valeant Pharmaceuticals: "No, no, no. We don't want to buy that. Remember, that's just a call. They owe $30 billion. You're looking at, really, an option on the idea that maybe one day they'll be able to pay all that. I don't feel that comfortable about that situation, but I always welcome management to come on the show."

Chesapeake Energy Corporation: "Now, people have to understand: it is a play on the weather. If it's really hot, it will go up. And that's what you've got. There really isn't much more to it. I thought it would be a colder winter than it was and it didn't go up, now it's got to be hot. It's very binary. I prefer situations that have actual growth, but I like Chesapeake as a call on the summer."

Cara Therapeutics, Inc.: "Alright, people are upset. It's, like, stalled after being up more than 70 percent. We had the company on [at] $17, $18. It's come back down. I am a big believer in any sort of pain medicine that does not cross the blood-brain barrier, so I am going to say that I like Cara."

Weatherford International: "No, it's not my favorite, and I just think that the trade has occurred and it's time to move on."

American Airlines Group: "Well, I mean, American's fine. Look, I like Southwest first, [it's in] my charitable trust, which you can follow on ActionAlertsPlus.com – big conference call Wednesday – Southwest Air's our choice. And then I would go with Alaska [Air], and then I would go with Delta, and then I would go with American, and then I would go with United, and then I would go with JetBlue. That's my order of how I like the stocks right now."

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