Cramer's lightning round: Here's where Qualcomm went wrong

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:

Qualcomm: "Candidly, I've actually not been a fan since they started fighting with Apple. Because you don't pick a fight with Apple and that's what Qualcomm's done. And I've got to tell you, I think it's an ill-advised strategy. That said, I think that if they do win, the dividend is great. I would only own this in calls, and I would buy the $55 calls."

Arconic: "Alcoa ran a great deal because aluminum prices are up. Arconic traded down as low as $17 and now is at $25. I think you want to hold on to Arconic. Why? Because when I saw that Rockwell Collins buy by United Technologies, and Arconic doesn't really have a real CEO yet, I think Arconic could be for sale, too."

Petmed Express: "I think it's OK. I mean, look, with the humanization of pets, how we treat them is very important. I like Idexx Labs. Petmed Express is OK."

Fitbit: "I think Fitbit is a dollar up, a dollar down. Maybe a dollar and a half up, because there's so much mad money that's now been washed out. But it's not my fave."

AbbVie/Walgreens: "I'm not crazy about Walgreens anymore, but I've got to tell you, AbbVie, even though it just had that big spike, they've got such a good pipeline. I don't want you to sell AbbVie, even up here."

WATCH: Cramer's lightning round

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