Texas Instruments Inc. (TXN) - Get Report  shares are up nearly 3% Wednesday, just $1 below their 52-week high of $84.65. So what's got the stock running? TXN beat on earnings per share and revenue expectations for the second quarter.

NXP Semiconductors NV (NXPI) - Get Report is a lot like Texas Instruments. It's also a holding in the Action Alerts PLUS charitable trust portfolio, which is managed by TheStreet's founder Jim Cramer.

These companies are a great way to diversify away from telecom-based semiconductors like Qualcomm, Inc. (QCOM) - Get Report , as they have so much exposure to the auto industry. Perhaps that's why it's not too surprising Qualcomm agreed to buy NXP for $110 per share.

The most surprisingly part of that deal was the price. Many feel, especially now, that the price is too low, given that NXP stock is trading about 15 cents per share below that level.

The "deal's not closing anytime soon," Cramer pointed out, arguing that it's hard to believe it will, given NXP's recent performance. As the business continues to do better, NXP is arguably worth more.

"There's no way Qualcomm, unless NXP disappoints when it reports in August, is going to get that at $110 if the stock stays there," Cramer reasoned.

"People aren't going to tender," he continued, "My charitable trust isn't tendering. Why bother?"

The deal still needs EU approval, but it also needs shareholder approval. Many are beginning to think that that may not happen. Look at Skyworks Solutions Inc (SWKS) - Get Report , Advanced Micro Devices, Inc. (AMD) - Get Report -- which is soaring on strong earnings -- and Texas instruments. All of these stocks have valuations that are moving higher.

"These are valued more highly than NXP, which by the way, was the best," Cramer concluded.

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