"It turned whole swathes of this market toxic from the get-go today," the "Mad Money" host said. "One thing's for certain: any company with any exposure to the auto industry or the price of oil, for that matter — not to mention the strong dollar and the rising cost of transportation — will now be considered to be something that should be held for sale unless proven innocent."
Widely considered to be an economic proxy given its array of different end markets, PPG's weaker-than-expected earnings and forecast translated into the stark industrial sector weakness seen in Tuesday's trading session, Cramer said.
"I bet a whole host of industrials turn out to be a lot more like PPG than we'd want," he said, adding that he wasn't sure how news of activist firm Trian Partners' investment in PPG would affect the coatings maker's future.
"I don't know what will happen here with [Trian chief Nelson] Peltz and with PPG," Cramer said. "The company says it looks forward to maintaining a healthy dialogue. Me? I just wish its business were healthier."
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