Jim Cramer's Take on Windstream's (WIN) Surprise Spinoff

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), Frontier Communications  (FTR), AT&T  (T), Verizon  (VZ) 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.

Must Watch: Jim Cramer: Windstream Spinoff Shows New Ways to Win in 2014 Market

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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