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Despite Monday's big rally on Wall Street, shares of Windstream (WIN) are not up by much despite the telecom's announced $1.1 billion merger with EarthLink (ELNK)

Windstream did miss on earnings per share and revenue estimates, but the deal highlights something different: the dividend, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, during CNBC's "Mad Dash" segment. 

Cramer noted some tightening in the industry with CenturyLink (CTL)  buying Level 3 Communications (LVLT) and now Windstream and EarthLink. Does that mean Frontier (FTR) , which is well off its 52-week highs, may be in play for a deal? Cramer wondered. 

Focusing on the Windstream-EarthLink deal, he explained that the goal here is to boost cash flow to bolster the dividend. CenturyLink did the same thing with its deal, helping to preserve its dividend, Cramer said. 

Cramer also noted that AT&T's (T) acquisition of Time Warner (TWX) for roughly $85 billion will boost its cash flows, making sure its dividend payout is safer. 

This is all about improving and increasing companies' income streams, which trickle through to the dividend, he concluded. 

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