Cramer's lightning round: These are the most dangerous stocks in the world

It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on callers' favorite stocks at rapid speed:

Lumentum Holdings: "Now, optical components are some of the most dangerous stocks in the world. This company had a fabulous quarter, but you know what, I need you to take some off the table. I am too nervous because they tend to be hit or miss."

Momo: "Yeah, you know, we did the rating on the Chinese stocks last week and it didn't make the cut for us. We really still like Alibaba, by the way. That's the one that we're saying is fine."

Mindbody: "I want you to take a little off the table. The stock's gotten exceedingly rich in the last few months and then you can let the rest run."

Yahoo: "It can still go higher. It's a sum-of-the-parts situation. It's really kind of like a mutual fund now, but it's undervalued versus what its parts are worth. You can hold on to it."

GW Pharmaceuticals: "I'll tell you, as more states legalize marijuana, I get more and more worried about GW Pharma because a lot of people are going to end up buying it legally in states and they're not going to be able to think that they can get the pills. There's a very narrow use right now allowed for GW Pharma, so I am not going to tell you to load the boat up here."

Applied Materials: "That sector is very hot, but Lam [Research] is the one that I am most comfortable with."

In response to Cramer's analysis, GW Pharmaceuticals told CNBC that looking at the company's business prospects through the lens of marijuana legalization is incorrect.

"GW's business is focused solely on the development of medicines approved by the FDA, prescribed by physicians and made available through health insurance," the company said in an emailed statement. "GW's approach to developing FDA-approved medicines will, in our opinion, lead to the only cannabinoid options that will be reimbursed through insurance. In contrast, users of artisanal marijuana products are required to pay for their products out of pocket."

GW stressed that its treatments are designed to address unmet needs in patients with severe, "treatment-resistant" conditions like epilepsy, Dravet syndrome and Lennox-Gastaut syndrome.

The company added that its cannabinoid medicines, like its phase 3 drug Epidiolex, should not be confused with herbal, recreational marijuana.

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