Caterpillar investors may be in some trouble as its latest earnings report shows everything is going wrong for the company, CNBC's Jim Cramer said Thursday.
"They've bought back a lot of stock incorrectly. They're in all the wrong markets. They represent exactly what's wrong in the world right now. They are China. They are mining. They are minerals," Cramer said on "Squawk on the Street."
The construction equipment company reported second-quarter earnings per share that met Wall Street estimates, but its revenue missed analyst expectations. Caterpillar also slashed its full-year guidance.
"There isn't a line in this quarter that I could find that I liked," Cramer added.
"We've got an oil price cut in half, commodities are at their lows for quite a few years at this point and global growth is slow," Doug Oberhelman, the company's chariman and CEO, said in a CNBC "Squawk Box" interview on Thursday.
On Wednesday, U.S. oil futures settled below $50 a barrel for the first time since April 2, but traded higher Thursday morning. Gold also settled below $1,100 for the first time since March of 2010 on Wednesday.
Caterpillar's stock was lower in morning trade.