NEW YORK (TheStreet) -- Shares of Jack In the Box (JACK - Get Report) are higher by some 5% on Wednesday, after topping fiscal fourth-quarter revenue and EPS estimates. "This is a very well executed story," said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio.
On CNBC's "Cramer's Mad Dash" segment, Cramer added that Jack In the Box's core franchise burger business has been doing well, but the current story is all about its Qdoba franchise.
Qdoba saw same-store sales rise 7.7% in the quarter and management expects 8% to 10% same-store sales growth in the upcoming quarter. Based on Qdoba's good results, other Mexican fast-casual diners should do well too, he reasoned.
Companies like Chipotle Mexican Group (CMG - Get Report) and El Pollo Loco (LOCO - Get Report) are two obvious choices, while Fiesta Restaurant Group (FRGI - Get Report) is a "must buy" for its Pollo Tropical franchise, Cramer explained.
Turning to BlackBerry (BBRY , Cramer said he isn't a buyer of the stock following the Morgan Stanley analyst who downgraded the stock to "sell" and lowered estimates for the company.
"When estimates get cut, I want to back away;" don't rush toward the stock betting that there could be a takeout, he concluded.