Cramer's lightning round: The key level for buying Colgate-Palmolive's struggling stock

KEY POINTS

• 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.

Colgate-Palmolive Co.: "Colgate did not have a good quarter and there were a lot of people who downgraded it. But I'm going to wait. At 3.5 percent [yield] is where I would buy this and not before then, because you have stocks like IFF and Estee Lauder that are really crushing it. Church & Dwight, too. So we've got to go with the good ones and not the ones that are, right now, out of favor."

Biogen: "I like the management team; I don't like the hype involving the drug for Alzheimer's. It puts a little too much pressure on the stock."

Covanta: "I like a 6 percent yield. We've had them on air. I think it's a safe yield. People don't want to own the stock right now. Why? Because interest rates are going higher. So understand that's the tide that you're swimming against."

Cypress Semiconductor Co.: "This is ridiculous at this point that this stock is down with a 3 percent yield. It reminds me of IDTI. You know, everyone got sick of IDTI and then what happens? It got a takeover bid."

Carrizo Oil & Gas Inc.: "Because oil went down, Carrizo went down. There really is not much more to it because, boy, I'll tell you that I think [CEO] Chip Johnson's done remarkable work there. He's expanded at the right time, he's got a better balance sheet than people realize, but the group does not want to go higher because oil is now plummeting."

Allstate Corp.: "Look, a miss is a miss is a miss. They did miss the quarter really badly, and even though the combined ratio was actually a little better than I thought, you can't touch it. You can't touch it."

Blackstone Group: "I like Blackstone very much. I think it's been terrific. It's one of the better-performing stocks. We have recommended it, really, forever. I don't know [CEO] Steve Schwarzman, but he does a very, very good job."

Match Group: "I don't know the service, but the stock is really inexpensive and it's doing a remarkable job and I am a buyer of the stock. Of the stock!"

Ubiquiti Networks Inc.: "If we're going to do wireless network, high-performance radios and stuff, there are so many others that I'd rather have you be in. That one is way too controversial for me. I'm not kidding. That's too controversial."

Watch the full lightning round here:

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