Shares of NXP Semiconductors (NXPI) - Get NXP Semiconductors NV Report are trading north of $110 Tuesday, one day before the company reports earnings on Wednesday after the close. It's perhaps odd trading, given that Qualcomm, Inc. (QCOM) - Get QUALCOMM Incorporated Report has already agreed to purchase NXPI for $110 per share.

"Qualcomm desperately needs NXPI," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Tuesday from the floor of the New York Stock Exchange.

What does the share price trading north of the tender offer mean? "That to me is a sign that people are not going to tender the takeover," Cramer explained, "and we're not recommending that people tender."

NXP Semiconductor is a holding in the Action Alerts PLUS charitable trust portfolio.

Look at companies like Skyworks Solutions Inc (SWKS) - Get Skyworks Solutions, Inc. Report , Qorvo Inc (QRVO) - Get Qorvo, Inc. Report , Broadcom Ltd (AVGO) - Get Broadcom Inc. Report and Nvidia Corporation (NVDA) - Get NVIDIA Corporation Report , then look at what NXP Semi is doing in automobiles, near-field communications and Internet of Things. One could make a "very strong case that NXPI should be up another $10" from current levels, Cramer reasoned.

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Qualcomm needs NXPI in order to diversify away from smartphones. Speaking of Qualcomm, Cramer said an options trade may be presenting itself, if it can beat Apple Inc. (AAPL) - Get Apple Inc. (AAPL) Report in its current lawsuit.

While Cramer fully acknowledged that he's not sure if Qualcomm can pull it off, the $45 and $55 call options expiring in a few months might be a good way to play.

Qualcomm shares were up 0.4% to $53.41 on Tuesday afternoon.

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At the time of publication, Cramer's Action Alerts PLUS had a position in NXPI, QCOM and AVGO.