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:

Bank of America Corp.: "OK, Bank of America was up in one of the, what, top four yesterday in the S&P? It was up again today. Why? Because the economy is better than expected and Bank of America does really incredibly well, perhaps the best of all banks, when we get Fed rate hikes and I think we'll get two of them. That's why I say, 'buy, buy, buy' Bank of America."

Magna International Inc.: "Well, you don't want to buy it for [a rumor it will work with Apple on self-driving cars] no matter what, because that's way too far in advance and if you do want autonomous driving, you know I believe in Waymo, which is Google, which is Alphabet, which is owned by my charitable trust. I think Magna is too cheap to sell, but it is related to autos and everything related to autos is stalled. But I am not going to tell you to sell it. I just can't count on buying it right here."

Sage Therapeutics Inc.: "Oh, man. Sage Therapeutics. This central nervous system, they believe that they have something. I've got to tell you, here's my feeling on all the central nervous system and traumatic brain injury stocks: if you want to speculate, it is a great area to speculate because there's so little to help people. So if they have something, it will be huge. If they don't, though, understand it's going to get hammered."

ILG Inc.: "You know, ILG, Wyndham, W-Y-N, and VAC are all terrific stocks. I have overlooked ILG. That is my bad. I agree with you. It's a good situation. Spun off from IAC, InterActiveCorp. Really good."

Sprint Corp.: "Last night we had [T-Mobile CEO] John Legere on and he was lobbing his usual bombs and throwing the claymore mines around and doing the bazookas, and all I can tell you is that he had good things to say about Sprint. And in the conference call, he even talked about looking, you know, trying to figure out what to do with them, maybe Dish. I want to own Sprint."

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