NEW YORK (TheStreet) -- Zillow (Z) - Get Report shares are up nearly 10% Wednesday after the company said it is slashing 350 jobs after closing its $2.5 billion Trulia (TRLA) acquisition.

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. 

Zillow Z data by YCharts

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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

Follow @BretKenwell

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