"A company is either for sale or it's not," Cramer said on "Squawk on the Street" on Wednesday. "What I'm confused on is I listened and basically heard core is not for sale. Where do the stories therefore emanate which say core is for sale?"
Yahoo has weighed its strategic options amid a rough stretch for its Internet business and stock price. If it chooses a reverse spin, the company would effectively separate its core assets from its lucrative stake in Chinese e-commerce giant Alibaba.
In addition to the reverse spinoff, Yahoo announced Tuesday plans to cut about 15 percent of its workforce and close five offices — a step that is expected to happen in the first quarter. The company hopes to trim operating expenses by more than $400 million by the end of the year.