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:

Raytheon: "My view on Raytheon has not changed. I think it's a good stock. There was a takeover rumor today. Do not buy it for a takeover. Buy it for fundamentals, which are quite strong.

Celgene Corporation: "You doubled your money? We sell half, play with the house's money, and let it run, because I think Celgene's prospects are being underestimated by the stock market."

Orbital ATK: "You don't want everything wrapped up in there. I happen to like the stock very much. We've done multiple pieces on it. I think it's terrific. But you have to be your own judge about whether you're diversified enough."

CenturyLink Inc.: "I don't favor this situation. I am in a distinct 'don't buy' situation. I'm a balance sheet guy first, and that balance sheet is still not good enough for me."

Pennsylvania R.E.I.T.: "You know, this is the kind of shopping mall, strip mall thing that everybody's worried about, so I am not going to be able to defend it. This is precisely the kind of thing where people are saying, 'Whoa, I'm nervous,' so therefore I'm nervous because there are some very good people who've looked at these things and think that this kind of mall that they have – and I know some of their malls – [are] not what you want in your portfolio."

Insys Therapeutics Inc.: "Yeah, you know, this one's too speculative for you. It really is. I remember when Ball Corp used to be located in Muncie [the caller's town]. There's a stock that I think you should be thinking about. That's a better one."

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com