NEW YORK (TheStreet) -- On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, took a look at shares of Protective Life (PL), which are up almost 20%.
The company is being purchased for $70 per share by Dai-ichi Life Insurance, a Japanese insurance company.
Investors usually think life insurance companies are boring investments, Cramer said, but they're not so boring when the stock is up nearly 20%.
M&A can reset the valuation for an entire sector, co-host David Faber added.
Turning to secondary offerings, Cramer reasoned that the deals have not done very well in the stock market this year.
The company had a strong quarter and the stock needs to hold up during the offering, he said.
Cramer concluded that investors have been scared of secondary offerings, but those need to do well in order for this "unbelievably" bullish market to continue higher.
-- Written by Bret Kenwell in Petoskey, Mich.