NEW YORK (TheStreet) -- On CNBC's "Mad Dash" segment, TheStreet's Jim Cramer, referred to today as "Takeover Thursday," since a number of deals popped up on Wall Street.
Cramer, the co-manager of the Action Alerts PLUS portfolio, first took a look at Emulex (ELX) , which is up 25% following Avago Technologies' (AVGO) - Get Broadcom Inc. Report announcement that it will buy the company for $609 million.
Avago Technologies is "much more than just a chip play now," Cramer said. The company relies on huge orders from a select number of customers -- like Apple (AAPL) - Get Apple Inc. (AAPL) Report -- and now it will have a more diversified stream of income.
The acquisition of Emulex, a leader in network connectivity, monitoring and management products, gets Avago Technologies into a higher margin business as well.
Shares of Avago Technologies are up 12% in response. It doesn't hurt that Avago reported earnings per share that topped estimates on Wednesday after the close. Plus it guided for higher-than-expected revenue for the second quarter.
Cyberonics (CYBX) also moved higher on Thursday, climbing 26% on news that it will merge withSorin, an Italian medical technology company, Cramer said.
Cyberonics also beat on top- and bottom-line earnings estimates for its fiscal third quarter.
Cramer also highlighted that IBM (IBM) - Get International Business Machines (IBM) Reporthas a couple of important days ahead of it. The company will host its analyst day on Thursday. CEO Ginni Rometty will be interviewed on CNBC at 1:15 p.m. EST.
Plus, Warren Buffett, a large shareholder in IBM, speaks on Monday in an "Ask Warren" segment on CNBC's "Squawk Box."
-- Written by Bret Kenwell
At the time of publication, Cramer's Action Alerts PLUS held AAPL.