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:

Darden Restaurants: "Alright, Darden. D-R-I, which, of course, is Olive Garden. I have been behind this stock for 40 points and I am not wavering. I know it's had such a big run. I know you could argue that it's gotten too high. I do believe that the stock, on a spike today to an all-time high, could come in a little, but I do like it very much."

Valero Energy Corporation: "Commodity, don't have a real edge in it. The multiple is too high."

Skyworks Solutions: "OK, now, Skyworks is going to go down because people are panicking that this iPhone didn't sell enough, it missed by a million units, inventories down – that's not true. Let it come down for three days, and then you can buy it. But that's the pattern. I'm getting tired of it."

Schlumberger Limited: "OK, Schlumberger, I told club members from [my charitable trust] ActionAlerts, 'Not yet, not yet, not yet.' We have a position in it, got to wait until it goes lower. How about you wait until it goes [down] 3 percent, maybe $68, $69. It's a high-quality company. It is too low. But not yet. I want oil to see if it can hold $47."

Clear Channel Outdoor Holdings: "I want to steer clear. I want to steer clear. Why? Because I'm not that thrilled about advertising with the exception of the advertising that we get for some positions my charitable trust owns, which is basically Comcast and Facebook and Alphabet."

Aurinia Pharmaceuticals: "That's a Canadian biotech. I tend to be thinking that they are a little dicey. But let's do more work on it. You know how the biotechs are – if they have something in Phase 3, I'm real interested."

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