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Is ON Still On?

ON Semiconductorhas soared 43% since Cramer’s May 7 call . The move looks like confirmation that the Mad Money host’s favorite secular growth trend right now, the mobile Internet.

The question, of course, is whether or not that run will continue. Cramer on Friday seemed confident, considering that ON beat third-quarter earnings and revenue expectations and guided higher for Q4. But the company’s recent offer for California Micro Devices raises questions.

ON will pay a “huge” 54% premium to California Micro Devices’ Dec. 11 closing price of $3.05 to acquire the company, Cramer said. While he sees how the deal will benefit ON, he did wonder if the bid was too high. And he also wanted to know if the acquisition could slow the stock’s growth, however temporarily.

That’s why Cramer invited ON Semi CEO Keith Jackson to appear on Mad Money. Watch the video for the full interview.

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