"Let's just call it as it is," he said, "there has not been a single piece of good news about Apple for 300 points, and today is just another day when the news is just horrendous."
On Tuesday, Goldman Sachs took Apple off its list of most highly recommended stocks and lowered its price target, but kept a "Buy" rating for the company.
According to The Associated Press, Goldman analyst Bill Shope said in a client note that Apple's most recent product cycle has not driven market share and new user growth as expected. Shope said the company needs more "hits" and noted uncertainty around upcoming products.
(Read More: Goldman Downgrades Apple Before The Bell)
"Apple is becoming the JC Penney of tech. I think that there is a sense that the company is in a tailspin, and it doesn't seem to matter what they do right now," Cramer said.
Cramer sees market opinions about Apple turning exceedingly negative, not just in the short term, but in the long term. He points out that the Goldman downgrade note was also pessimistic for the long term of the company.
"These are all downgrades on growth and missed quarters. When you see someone so certain that not only that this quarter is bad but the next quarter is bad, I think tomorrow we get a downgrade and they'll say that 2014 going to be bad." Cramer said. "This is the classic 'when do you get a bottom?' when there is no one left who likes it."
(Read More: Is Apple Forming a Bottom?)
Apple is also on the defensive in China, with CEO Tim Cook apologizing for confusion over its warranty policy. Cramer said that "they've got very bad will over there—it's almost as if what they're saying is that we're not going to be Google. Apple is really saying 'we will play by the rules,'" unlike Google, which left the country because of concerns over consumer privacy.
(Read More: Tim Cook to China: I'm Sorry)
On the positive side, Cramer thinks that Apple has an installed base that is "really good," and said that if the company introduced a "wow" product it would still matter. He also thinks a dividend hike to 4 percent would help establish a floor in the stock and make analysts more reluctant to issue downgrades.
—The Associated Press contributed to this report
—By CNBC's Paul Toscano. Follow him on Twitter and get the latest stories from "Squawk on the Street" @ToscanoPaul
Jim Cramer's charitable trust owns shares of Apple.