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:

Portola: "I think Portola's good and it's not a one-trick pony. I'm not backing away from Portola. I'm not necessarily going to say that it's going to have a merger, but I am saying I think you can stick with it, for speculative only."

Southwest Airlines/Spirit Airlines: "Not a fan of Spirit. [I] think that LUV, which is the symbol for Southwest Air, is the best. [I] tell ActionAlerts members all the time, 'Listen, there is nothing like the stock of Southwest Air in that group.'"

General Electric Company: "I'm very impressed with what [CEO John] Flannery's doing. Why? Because he's already taking action. He's not waiting until November. He's taking action now. I think there's like $2 down and $3 up. I know, nobody's perfect, but I'm holding it for my charitable trust."

Disclosure: Cramer's charitable trust owns shares of Southwest Airlines and General Electric.