Shares of Advanced Micro Devices (AMD) - Get Report are flying over 8% higher after the company beat on top- and bottom-line earnings estimates.

This company reported fantastic sales growth, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. Revenue climbed almost 16% during the quarter.

This is not your old AMD, Cramer said. It has the right products for the current environment. "This company is back and it's bigger than ever," he said.

AMD should be on companies' M&A radars, too. It's got great management, he said. Now that it's fixed the "balance sheet from hell," it looks like a "buy, buy, buy!" Cramer exulted.

The shares are up more than 400% over the past year but that much-improved balance sheet makes AMD a far more attractive investment. Now the financials have improved and the business is doing well.

Cramer also noted that some analysts are still hesitant to get behind the company, pointing out Citigroup reiterated its sell rating. This is not a second-rate company anymore, he said of AMD, adding that Marvell Technology (MRVL) - Get Report is also doing much better.

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