But Alcatel is about more than just takeover speculation, it's also a turnaround story, with a new CEO that's getting serious about selling off assets to narrow his company's focus to only those areas that have solid differentiation. Alcatel is also cleaning up its balance sheet and has refinanced its debt so that nothing is coming due until 2017. And what of that newly capitalized Nokia? Cramer said that Nokia may likely be a bidder for some of Alcatel's assets now that the company has a big cash infusion from Microsoft ( MSFT). So with spending on the rise and Alcatel making itself more attractive, investors may indeed have multiple ways to win in this "left for dead" stock.