The attention may belong to General Electric (GE) Friday, thanks to the stock's volatile price action and stunning earnings report. But that doesn't mean we should overlook PayPal (PYPL) , which is up 6.25% to $71.44. The rally sends PayPal stock to new 52-week and all-time highs after the company beat on earnings per share and revenue expectations for its fiscal third quarter.

This is the "star of the night" as CEO Dan Schulman "put on an incredible show," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.

It took PayPal a little time to gain its footing after eBay (EBAY) spun off the unit back in the summer of 2015. But shares are now up more than 105% since then and more than 75% in the past 12 months.

The company now boasts more than 17 million merchants on its network, continues to add plenty of new accounts and reported accelerating revenue growth. That last catalyst is an important one to Cramer, who said the company has a "remarkable story."

Its peer-to-peer money-sending platform Venmo is doing well, even though management only made some "modest assumptions" for it, reasoned Cramer, the manager of Action Alerts PLUS charitable trust portfolio. PayPal is a young person's worldwide credit card and is a great play on the Amazon and e-commerce trends.

PayPal's results are reflecting positively around the industry, with shares of competitor Square Inc. (SQ) jumping 1.4% to $32.57 in early Friday trading. Square stock is now up 139% so far on the year and is scheduled to report earnings on November 8th after the close.

So many investors and analysts thought Visa (V) , MasterCard (MA) , JPMorgan (JPM) , Wells Fargo (WFC) and others would crush PayPal. But the opposite has happened, Cramer noted, pointing out that these companies are now partnering with PayPal.

This stock "deserves everything and more," he said, concluding that PayPal is going "dramatically higher" from current levels.

General Electric is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE? Learn more now.

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At the time of publication, Cramer's Action Alerts PLUS had a position in GE. 

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