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It's a catastrophe at Newell Brands (NWL) - Get Newell Brands Inc Report Thursday morning, with shares plunging 26% to new 52-week lows at $30.36. This was "worst in show for the quarter," as Newell is being hammered, TheStreet's Jim Cramer pointed out on CNBC's "Mad Dash" segment.

"These guys have been crushed," he said. Back-to-school was weak and management cut guidance for the second time since early September. Newell stock is now down 42% over the past three months.

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The company missed on earnings per share and revenue estimates, as the latter sank a year-over-year 6.8%. Inventories rose 18% in the latest quarter from the same period a year ago. That likely means it will have to lower prices to clear excess inventory and gross margins will be pinched as a result.

Newell's results reminded Cramer of Under Armour (UA) - Get Under Armour, Inc. Class C Report , another big disappointment this quarter.

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Newell CEO Michael Polk is a very good executive and he needs to get this company back on track, Cramer said. It makes great, high-quality products, but the current game plan is simply not working. Its recent M&A deal with Jarden created (at the time) a $16 billion company. But that hasn't worked out, either.

Even the bulls are recoiling at these results, he said, adding that "there will be a level to buy this, but it's not yet."

The pain didn't subside for Newell stock through Thursday's session, ultimately ending lower by 26.8% at $30.01. It hit a new 52-week low at $29.70. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.