Investors are cheering the weekend's mergers but Jim Cramer is watching for one deal where there has been no confirmation -- the purchase of NXP Semiconductors (NXPI) - Get Report by Qualcomm (QCOM) - Get Report .

That deal is likely coming and there's potential for more M&A in the semiconductor industry, said TheStreet's Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. NXP is an Action Alerts holding.

Cramer pointed out that J.P. Morgan analysts recently issued bullish coverage on Qorvo (QRVO) - Get Report , which he referred to as one of the "finest" semiconductor stocks in the industry. However, these analysts had some negative comments on Skyworks Solutions (SWKS) - Get Report . Cramer noted he recently had the CEO of Skyworks on his Mad Money show and came away impressed.

So while he may disagree with J.P. Morgan's take on Skyworks, he likes the assessment of Qorvo. Qorvo is a "natural takeover target," Cramer said. Investors should keep an eye on it.

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