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Actionable news in SE: SPECTRA ENERGY Corp,

More Squawk from Jim Cramer: Enbridge Buying Spectra Energy (SE) Is 'Great Deal' for Both

Updated from 10:11 AM EDT.

NEW YORK (TheStreet) -- Shares of Spectra Energy (SE) were spiking 14.58% to $41.42 in mid-afternoon trading on Tuesday after Canadian pipeline company Enbridge (ENB) said it would acquire the company in a $28 billion deal.

The deal is "fabulous" for both companies, TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.

"I am shocked at this deal," Cramer added, noting that people in the industry said these were...