NEW YORK (TheStreet) -- After the big acquisition of Leap Wireless (LEAP), Jim Cramer of TheStreet and "Mad Money" Research Director Nicole Urken discussed which telecom could be next.

After the close Friday -- a peculiar time to announce an acquisition, said Cramer -- AT&T ( T - Get Report) said that it would be purchasing Leap Wireless for $15 per share, almost double its Friday closing price of $7.98.

With shares trending higher on Monday's trading session, it appears investors feel there is another potential bidder lurking in the not-so-distant future. "Leap was left for dead," Cramer said, citing four firms had rated the company as a sell. "I can't believe that they could be so wrong."

He also pointed out the value of spectrum and found it hard to believe nobody saw this coming, especially when a deal between AT&T and T-Mobile ( TMUS - Get Report) recently fell apart.

While there may be further bidding on Leap, the important fact is now obvious: There's not enough spectrum, so those that have it are in play. But which company has spectrum that can be acquired?

One comes to Cramer's mind: Dish Network ( DISH - Get Report).

"Keep an eye on Dish. They're the last guy standing with a lot of spectrum," he concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.