NEW YORK (TheStreet) -- "There is a new world here in some very stable stocks," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said Wednesday about AT&T (T) and Verizon (VZ) .
Shares of each company continue their decline from Tuesday, after management from both companies made comments about a weaker-than-expected fourth quarter.
On CNBC's "Cramer's Mad Dash" segment, Cramer pointed to an analyst's report from Citigroup, which suggested that AT&T shares could drop to $30.
That would represent a dividend yield of 6%, he said.
It isn't just AT&T and Verizon that could have trouble going forward.
Cramer reminded investors that T-Mobile U.S. (TMUS) recently raised $1 billion in convertible bonds in order to keep pace with the promotional environment.
And while Sprint (S) may seem cheap at $4.30 a share, the stock actually trades at 8.8 times 2016 earnings before interest, taxes, depreciation and amortization, double what its peers trade at, according to an Oppenheimer & Co. report, he said.
However, Dish Network (DISH) and the consumer are the big winners here.