Jim Cramer Says ON Semiconductor (ON) is the Laggard Semi That Can Play Catch Up

ON Semiconductor Corporation (NASDAQ:ON) traded at around $83 on October 7, down 4.40% on the day, though still 72.72% higher over twelve months. On the October 6 episode of Mad Money, Jim Cramer said that if you want a laggard semiconductor stock that can play catch up, you could do a lot worse than this one. His case rests on the Synaptics deal being recut from $7 billion in stock to $5.7 billion in cash. READ ALSO: Is Lam Research, KLA, or Applied Materials the Best Chip Equipment Buy? Jim Cramer Weighs InJim Cramer Says ON Semiconductor (ON) Is the Laggard Semi That Can Play Catch Up Why He Calls It a Laggard: The gap between this stock and the rest of the sector is the starting point for his argument.