Cramer's lightning round: Kentucky Derby racetrack owner is a buy

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

Churchill Downs Incorporated: "It's been a huge winner for a very long time and I don't see that going away. But it did have a dip – let's wait for another before pulling the trigger."

PayPal: "I'm going to sit down with [CEO] Dan Schulman [on Saturday] as part of a Street.com boot camp in Manhattan. I, too, am worried. My charitable trust owns PayPal. I think this could be an opportunity, but let me speak with him at the conference."

Wyndham Worldwide: "Look, [CEO] Steve Holmes is still there. I know they're splitting the company up. I would not hold, not sell; I would buy. Stock's down. I think it's terrific. And, by the way, Holmes, when he's done, he may be Hall of Fame material."

Devon Energy Corporation: "Devon Energy shot the lights out. They put up fantastic numbers. They've got growth. Good for them. They're back. They're bigger than ever. Devon is a buy."

Discovery Inc.: "Oh, man, I love this combination with Scripps. I can't believe it's still hanging around the low $20s. That's really obnoxious."

Cypress Semiconductor: "Cypress Semi is cheap and now that we've got the Chinese making a deal with Qualcomm, maybe there's a little M&A action in there, too."

Watch the full lightning round here:

Disclosure: Cramer's charitable trust owns shares of PayPal.

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