NEW YORK (TheStreet) -- Micron Technology (MU) - Get Report shares are plunging nearly 19% Friday after is poorly received third-quarter earnings report. 

It's a tough time for chip makers, particularly those in the [personal computer] market, TheStreet's Jim Cramer, co-portfolio manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. 

"You can't be PC-related. It's terrible," he added. That's why it makes sense that Intel (INTC) - Get Report is acquiringAltera (ALTR) - Get Report as it looks to diversify its business. 

Intel INTC and Micron MU data by YCharts

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On biotech, Cramer looked at Alder Biopharmaceuticals (ALDR) - Get Report for the second time on Friday. After praising the company, he said it seems likely it will be acquired at some point. 

He also likes Horizon Pharma (HZNP) - Get Report, pointing out analysts at UBS raised their price target on the stock to $40 from $32. While shares have doubled this year, "it can go up another 10%," Cramer said. 

As for Greece, he sees it as unlikely that a debt deal will get done this weekend. 

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