It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:

Palo Alto Networks: "The quarter was really good, the stock had a very big move. It is now consolidating and I think it is ready to go higher."

Rite Aid: "Two ways to win here. Walgreen's which has a big position in the charitable trust, either they are going to close the deal and you will make money. Or if they walk away I think there are other buyers. I like Rite Aid, but I do prefer Walgreen's."

Entergy Corp: "It's too darned cheap at 4.6 percent yield, I know that right now they don't like those interest rate sensitives. But what goes around comes around."

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Relypsa on FDA approval for Veltassa: "Yes I didn't didn't read the acceptance of it as being that positive at all. And they have to do a label change. I didn't read it the way you did, I just did not think it was that positive."

Intercept Pharmaceuticals: "Small, speculative biotechs have still not come back. They just haven't, and I'm not going to go there yet until I see some pulse — and I don't."

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