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.

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.