Cramer's lightning round: Take a pass on Bristol-Myers Squibb shares for now

  • 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.

Bristol-Myers Squibb: "Bristol-Myers right now does not have what we're looking for in terms of that cancer franchise that's going to Merck. I've got to tell you, down here, with a 3 percent yield, it gets attractive. But because of interest rates going higher, I'm going to have to take a pass for the moment."

Chesapeake Energy: "No. Just keep thinking. Do not keep buying, because that's nat[ural] gas and we've got too much of that in this country."

Adaptimmune Therapeutics: "Man, come on, you speculated, you won. Let's not go back to the well."

Icahn Enterprises: "Look, I like Carl Icahn very much. I absolutely love 'When Wolves Bite' by my friend [CNBC host] Scott Wapner. But you know what? I don't really know what's in Icahn Enterprises so therefore I'm not going to be able to opine or recommend the stock."

Quad/Graphics: "Quad/Graphics has a low price-to-earnings multiple because it has no growth whatsoever. It's got a 6 percent yield, but you know what? I'm not reaching for yield when I've got a situation with no growth. I'm taking a pass on that, too."

Spectra Energy: "It's natural gas transit. People are worried about natural gas transit. If it were oil transit, I'd be two thumbs up, but right now, I've got to tell you, it's got a 9 percent yield [and] it's a little bit worrisome for me. I hope it can grow into that yield, but right now, I'm taking a pass."

Consolidated Edison: "Mr. Ed is a buy, buy, buy. [When] this stock comes down is when you buy it. I'm going to throw in a two-fer: I'm throwing in American Electric Power. I'd buy half now and buy half if it goes down again, but I don't know. This stock is a high-quality utility."

L Brands: "I am concerned about L Brands even though it's down 44 percent. It's got a 7 percent yield. But you know what? Again, like another caller that we had about Quad/Graphics, I am not in this business to be able to overpay for yield. I want growth even if it means a lower yield. So I am going to say, again, don't buy."

Clorox: "Clorox is caught up in this whole vortex of the 10-year Treasury going above 3 percent yield. I do think that Clorox does have great growth possibilities and it's at 18 times earnings. I am going to say you can buy half now, and then if it goes down to 4 percent, you buy, buy, buy the other half."

Watch the full lightning round here:

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