NEW YORK (TheStreet) -- Shares of Level 3 Communications (LVLT) are "not done" advancing TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Stop Trading" segment.
The stock is up more thabn 10% Wednesday after the company reported quarterly results that exceeded analysts revenue and earnings forecasts.
The company is at last reporting positive cash flows, making its $7 billion net operating loss a "huge strategic asset," said CNBC's David Faber, the show's co-host.
Cramer said the stock has finally broke out and the high-speed Internet story is playing out.
The company reported a big earnings beat, and "it can go higher," he concluded.
-- Written by Bret Kenwell in Petoskey, Mich.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.