NEW YORK (TheStreet) -- Baker Hughes (BHI) stock is down 0.56% to $48.09 in early-morning trading on Monday after the oilfield services company and rival Halliburton (HAL) called off their proposed $28 billion merger on Sunday.

"People in the industry said this was dead the moment it was even mentioned," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. "The companies were so adamant, so out of sync with any antitrust department."

Everyone was saying that this was the "dumbest deal ever," and had no chance whatsoever of occurring because it was noncompetitive, but the companies' lawyers gave them "horrible advice" regarding the deal, he mentioned.

"Sometimes you get advice that is so stupid, it really is rather extraordinary," Cramer noted.

The oil services industry is already very consolidated, Cramer added. Companies within the field are all "scrambling" to contend with lower oil prices, and have laid off huge numbers of employees.

If investors were to value Baker Hughes based primarily on its earnings numbers, the stock might be too expensive, Cramer stated. 

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

Baker Hughes's weaknesses include its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: BHI

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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