Cramer Quick Take: What Sprint's Deal Means for AT&T and Verizon

Check out Jim Cramer's latest trading recommendations on "Action Alerts Plus".

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NEW YORK (TheStreet) -- The wireless landscape has shifted, Jim Cramer told Debra Borchardt at TheStreet.com Monday. Investors need to re-evaluate their positions in AT&T (T) and Verizon (VZ).

Cramer said AT&T and Verizon had become great income producers for investors and also built up quite a bit of momentum as of late, but the Sprint Nextel (S) deal, as well as the T-Mobile acquisition of MetroPCS (PCS), means that there are now two more viable competitors in the market place.

While many had written off Sprint, the company is now fully capitalized and has an aggressive partner in Softbank, said Cramer. He said the government is likely to approve both deals as it wants to have as many players in the market as possible.

So when should investors consider jumping back into AT&T or Verizon? Cramer said he'd wait until their dividend yields hit 5.25%.

Watch the full Cramer interview here.

--Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer's Action Alerts PLUS had no position in the stocks mentioned.

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