If there's one thing that impresses TheStreet's Jim Cramer, it's when a company says in one quarter it is going to do something and then does it in the next quarter.
This is what Sonic (SONC) did -- it said it was going to raise same-store sales and did it. The company's shares are up Wednesday after beating earnings per share and revenue expectations and raising its full-year guidance.
"No one believed them," Cramer said. Same-store sales at the restaurant chain were up an "unbelievable" 6.5%, and he called Sonic a "marvelous franchiser" in the mode of Domino's Pizza (PZZA - Get Report) . He said it's a "cheap stock" he doesn't want to chase up but "remember when it comes in."
McDonald's (MCD - Get Report) resurgence thanks to its all-day breakfast menu has put pressure on a number of its peers, including DineEquity (DIN - Get Report) , Popeyes Louisiana Kitchen (PLKI) and Jack In The Box (JACK - Get Report) , he noted. But not Sonic.
Sonic's value meals are still drawing in hungry customers while its strong growth is attracting investors. Shares hit a fresh 52-week high Wednesday. The company is buying back stock and beef costs are down, also helping earnings, Cramer said.
Turning to another company reporting earnings, Carnival (CCL - Get Report) , Cramer said he was impressed by the cruise line's good quarter. Shares are up 4% after Carnival topped EPS and revenue estimates.
"I was not worried about this quarter but about the future," he said. He thought more people would be scared of the Zika virus and admitted he was too bearish on the stock. than I thought they would be, doesn't seem to be having an impact on business, and low fuel prices