PayPal (PYPL) is on the hunt. 

Shares of the digital payment's giant have surged 61% this year, blowing away Facebook (FB) , Apple (AAPL) and JPMorgan (JPM) . After talking with PayPal CEO Dan Schulman at length, you can see why Wall Street has embraced the stock. PayPal is really reinventing itself. In short, it's striking new deals to open up its platforms to others such as Facebook and Baidu (BIDU) . Meanwhile, Schulman explains the coming Apple Pay Cash may not instantly be a major threat to PayPal's popular Venmo service -- building a Venmo won't happen overnight for Apple.

And amidst such heightened competition and rising cash on its balance sheet, Schulman revealed PayPal is hunting for an acquisition. Nothing is imminent Schulman said, but the hunt is on. 

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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