TheStreet's Jim Cramer said Zillow CEO Spencer Rascoff had planned to outduel Trulia in the battle for online real estate listings. Instead, he bought the company, Cramer said during CNBC's "Stop Trading" segment.
Rascoff is a great CEO and has "a lot of irons in the fire," said Cramer, the co-manager of the Action Alerts PLUS portfolio. Zillow "owns this industry," he added.
The acquisition of Trulia officially closed late Tuesday in a $2.5 billion, all-stock arrangement. The company, now Zillow Group, will cut 280 jobs in the first quarter and 70 in the second quarter as a result of the merger.
Cramer also pointed out that shares of Northrop Grumman (NOC) - Get Report are down slightly due to an analyst downgrade to market perform from market outperform at Bernstein. The stock is a buy, he stated.
-- Written by Bret Kenwell
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.