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Cramer's lightning round: What I'm doing with the stock of NXP Semiconductors

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:

NXP Semiconductors: "OK, NXP. My charitable trust owns it. This is a company that's being bought by Qualcomm. There are some very large investors, mostly Elliott [Management], that want Qualcomm to pay more than they're currently paying. I don't know if they're going to do that, but we have chosen not to tender NXPI. We want to see if there can't be a higher bump-up by Qualcomm in order to satisfy Elliott."

Domino's: "You know what, people are always thinking [that with] Domino's, people are taking market share. Remember, it's a technology company. It sells pizzas. It's the best in the world. I think the stock can still go higher. Don't sell it."

Xylem: "I like Xylem as a pure play on water, but I've got to tell you, when Pentair splits into two, Pentair will be even better than Xylem."

Incyte Corporation: "You should be a buyer of Incyte because I think the product pipeline is terrific and I don't care if the stock is going down, I want you to own it."

MercadoLibre Inc.: "I didn't like that downgrade that we got today at Goldman Sachs. That concerned me. I'd like to see the stock off a little more. I say there's no hurry to pull the trigger."

HollyFrontier: "I think it's an inexpensive stock, but it's for a trade, and that's only because of the differential between domestic crude and foreign."

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