NEW YORK ( TheStreet) -- Shares of Noodles & Company (NDLS - Get Report) are plummeting on Wednesday, down nearly 20% after the restaurant chain missed on EPS and revenue expectations. 

"This was a very disappointing quarter, as were the comparable-store sales results, TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

The stock is now back below its IPO price of $18, currently trading for around $16.50, he pointed out. Management seems to think that the quarter wasn't so bad. But that's not the case, Cramer argued. 

On the conference call, management said performance was relatively good excluding certain cities and states. "You don't asterisk performance," and exclude certain areas, Cramer said in response. Investors should "forget about" Noodles, and buy one of the many restaurant stocks that are doing well, he added. 

LC Chart
Noodles & Company NDLS LendingClub LC data by YCharts

Turning to LendingClub (LC - Get Report), shares are up 7.3% after the company beat on top and bottom line estimates, as sales grew 109% year-over-year. The company also provided better-than-expected guidance for next quarter and full-year 2015. 

LendingClub is "standing the paradigm of lending on its head," Cramer said, as the number of loan originations grew 107%. More and more consumers are turning to these types of platforms for their borrowing needs. 

Despite today's rally, shares are down 26.6% on the year. But that's mainly because there was too much "pizzazz" priced into the stock shortly after it went public, Cramer said. Now that the initial burst of enthusiasm is fading, investors are getting down to fundamentals, he concluded.

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