NEW YORK (TheStreet) -- TheStreet's Jim Cramer says Windstream (WIN) is "a quiet little company" that had been paying great dividends for a long time but has very little growth because it is essentially just a wire-line company.
The company applied to the IRS to spin off its copper and fiber assets into a real estate investment trust, and the IRS ruled this was acceptable. Cramer calls this a total surprise that no one saw coming, and any company in a similar business, such as CenturyLink (CTL - Get Report), Frontier Communications (FTR - Get Report), AT&T (T - Get Report), Verizon (VZ - Get Report) and other big cable companies could all rise because they could all apply for this same ruling, which would allow them to move a lot of their debt into a REIT and then become a growth company.
Cramer says he cannot fight this and he likes Verizon, though he thinks Windstream might be played out after this news. He believes there is still a lot of room to go and the next big winner is anyone's guess. Cramer adds this out-of-nowhere ruling shows there are lots of ways to win in the market that few thought possible at the beginning of 2014.