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Cramer's 'Mad Money Recap': The Verizon Wireless-Alltel Windfall

Windstream stands to profit from the deal by buying overlapping properties from Verizon Wireless.

Click here for an archive of Cramer's "Mad Money" recaps.

"I've found the next Alltel and it's not who you might think," Jim Cramer told viewers of his "Mad Money" TV show Thursday.

He said that after today's announcement of the buyout of privately held Alltell Communications by Verizon Wireless, a joint venture between

Verizon

(VZ) - Get Verizon Communications Inc. Report

and

Vodafone

(VOD) - Get Vodafone Group Plc Sponsored ADR Report

, investors should be looking for the pin-action that will make them money.

According to Cramer,

Windstream

(WIN) - Get Windstream Holdings, Inc. Report

will be the biggest benefactor of the Verizon Wireless-Alltel deal, but not for the reasons investors might think. Cramer views Windstream not as a takeover target, but rather as an acquirer.

In order to make the merger happen, he said, Verizon Wireless will inevitably be forced to sell off some of its overlapping regional assets and Windstream will be in the perfect position to purchase them.

He said the situation is similar to his recent recommendation of

Chattem

(CHTT)

, who saw its stock nearly double after it acquired assets that

Johnson & Johnson

(JNJ) - Get Johnson & Johnson (JNJ) Report

was forced to sell after it acquired them from a deal with

Pfizer

(PFE) - Get Pfizer Inc. Report

.

Cramer: Why Is This Market Still Up?

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These new assets would be a windfall for Windstream, said Cramer. The company is currently a niche rural wireline provider, seen by Wall Street as a low growth, high yield entity. However, with the addition of a few sizzling wireless properties, the company could command a higher stock price and a higher stock multiple.

Cramer said he'd be a buyer of Windstream, and sees the company's 7.6% dividend yield as just paying him to wait for the real money to roll in.

A Lot More Upside to Come

Cramer said there is a lot of upside left for

Bucyrus

(BUCY)

and

Joy Global

(JOYG)

, two stocks he recommended on March 1.

Since his March recommendation, both Bucyrus and Joy Global have risen 17%, but Cramer said the rise is not over, it's only just begun. Having recently talked with the CEO of Joy Global, Cramer welcomed Timothy Sullivan, president and CEO of Bucyrus, to the show to amplify.

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Sullivan told Cramer that Bucyrus is indeed a "high-tech" company. He said that many of the company's laptops are so sophisticated that they can tap the computers on the excavators that mine for minerals from the Andes Mountains to the Arctic Circle. He dispelled claims that higher raw costs lead to lower equipment sales. Instead, he said it's more like a complete circle in which the company can pass on rising costs to its customers.

Cramer said Bucyrus is a $5 billion company that should be a $10 billion company.

Sell Block

In the "Sell Block" segment, Cramer explored what he called the timid and pessimistic attitude that prevents investors from buying stocks and making the easy money. "If you've got he bat on your shoulder waiting for that perfect pitch, you're missing opportunities," he Cramer.

Cramer cited

Nucor

TheStreet Recommends

(NUE) - Get Nucor Corporation Report

as the perfect example of this attitude in action. He called last week's weakness in Nucor's stock "the perfect entry point," but he noted that many investors stayed on the sidelines at a time of overall market weakness. Today, however, the company preannounced a better-than-expected quarter, and Nucor's shares are now up 11.9% from the lows of last week.

"Is Nucor still good," Cramer asked? "Yes, but now the easy money has already been made," he said. Cramer called Nucor a great company with a long history of supporting shareholders. He told investors there should have been no reason for them to doubt the company or its long-term growth prospects.

Cramer said that when a company with great fundamentals does a secondary offering to pay for a fantastic acquisition and the stock falls below the offering price, buy it! "You cannot allow yourself to be scared off by great companies at great prices," he told viewers.

Mad Mail

In this segment, Cramer told a viewer that he's still behind

Woodward Governor

(WGOV)

after his recent visit to the USS Harry S. Truman aircraft carrier.

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Lightning Round

Cramer was bullish on

Plum Creek Timber

(PCL)

,

Vaalco Energy

(EGY) - Get VAALCO Energy, Inc. Report

and

Corning

(GLW) - Get Corning Inc Report

.

Cramer was bearish on

Zale Corp

(ZLC)

,

Wachovia

(WB) - Get Weibo Corp Sponsored ADR Class A Report

,

Ambac Financial Group

(ABK)

and

Himax Technologies

(HIMX) - Get Himax Technologies, Inc. Sponsored ADR Report

.

Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here

.

For more of Cramer's insights during the Lightning Round, click here

.

At the time of publication, Cramer was long Corning.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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