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:

Ollie's Bargain Outlet (OLLI): "This has been the best retailer out there ... You've got a winner!"

Kite Pharma (KITE): "You're going pure speculative. You get a big sweep and you get the House and the Senate going with Hillary, and then it's a no-go. You've got to be careful there."

Wal-Mart (WMT): "Doug McMillon [CEO] has made a major change there. This stock has held up better than most. I think it one of the retailers to own coming out of the election."

Six Flags Entertainment (SIX): "We like SIX. Now, I am a little bit bigger fan — just so you know, sticking with that same regime — of Cedar Fair, symbol FUN, because it yields 5.7 percent."

Ambarella (AMBA): "Ambarella is a little too speculative for me. We are going to stay away. Why don't you think about something a little bit more like Avago, now Broadcom."

FedEx (FDX): "You hold on to it. A 52-week high in this environment is saying something. We get a little bit of a pullback, and I want you to double up on it."

Gilead Sciences (GILD): "At this point yes, I want you to hold it because I've got a feeling that they are going to make some sort of a deal, or boost the dividend or do something that is going to make it so they bring out value. I can't count on selling Gilead down here ... I care where a stock is going, not where it's coming from. I think you're OK."

Cypress Semiconductor (CY): "There are so many semiconductor companies that are getting bids here, that I would have to tell you that you would be nuts to sell Cypress. But so far, it's a bridesmaid not a bride."

US Foods (USFD): "Listen to me, that's a tarheel. You want a wolf pack you've got to go with Sysco, SYY, with a dynamite quarter."

Rowan Companies (RDC): "No, deep water is a no-go. I'll take Halliburton, I'll take Baker Hughes, I'll take Schlumberger. But no deep water."

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