Jim Cramer on NXPI: Internet of Things Taking Over the Car

Private equity player Blackstone (BX) - Get Report is reducing its stake in chipmaker NXP Semiconductors (NXPI) - Get Report and that is a positive for the stock, says TheStreet's Jim Cramer. Cramer said this will reduce the overhang in the stock and that is 'tremendous.' While NXPI is often discussed as a takeout play, Cramer said the real reason to own it is because the company's shares remain cheap and the internet of things is taking over the car. In his view, NXPI is the 'car semiconductor company.'