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NEW YORK (TheStreet) -- On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, took a look at shares of Protective Life (PL) , which are up almost 20%. 

The company is being purchased for $70 per share by Dai-ichi Life Insurance, a Japanese insurance company. 

Investors usually think life insurance companies are boring investments, Cramer said, but they're not so boring when the stock is up nearly 20%. 

"Business has been good," he added, and suggested that the valuations for stocks like Prudential Financial (PRU) - Get Prudential Financial, Inc. Report and MetLife (MET) - Get MetLife, Inc. Report will increase because of the takeover deal for Protective Life.

M&A can reset the valuation for an entire sector, co-host David Faber added. 

Turning to secondary offerings, Cramer reasoned that the deals have not done very well in the stock market this year. 

Palo Alto Networks (PANW) - Get Palo Alto Networks, Inc. Report is issuing a small secondary offering of 1.56 million shares for the acquisition of an Israeli company.

The company had a strong quarter and the stock needs to hold up during the offering, he said. 

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Cramer concluded that investors have been scared of secondary offerings, but those need to do well in order for this "unbelievably" bullish market to continue higher. 

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

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