Think the decline in the overall stock market is bad Thursday? Just look at Chicago Bridge & Iron Company (CBI) , which is cratering more than 35% on the day.

Saying the company missed on earnings and revenue estimates would be an understatement. Revenue of $1.3 billion declined by almost 40% year over year and missed analysts' estimates by more than $1 billion. Analysts were looking for earnings of 83 cents per share, so the company's $3.02 loss per share was quite a shock.

The quarter from Chicago Bridge & Iron is a "disaster," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on CNBC's "Stop Trading" segment.

Cramer pointed out that the company cut its dividend and is spinning off its technology business in a forced sale. Simply put, Chicago Bridge & Iron had too many contracts in the nuclear and liquefied natural gas fields that were too hard to complete.

Shares closed trading down 26.7% to $11.97. CBI stock is now down more than 66% on the year and almost 70% from its 52-week highs. At one point in 2014, shares were north of $80.

"I still would not touch this stock," Cramer concluded.

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

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