CNBC’s Jim Cramer compared Apple Inc. (NASDAQ:AAPL) with J.C. Penney Company, Inc. (NYSE:JCP), the struggling department store chain headed by Ron Johnson, the former retail chief from the iPhone and iPad maker.

During the program “Squawk on the Street,” Cramer said, “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,” he said.

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Cramer believed that Apple Inc. (NASDAQ:AAPL) next generation iPhone is going to fail just like the “Lisa” compute that was launched by the company during the time of its founder Steve Jobs. He thinks the new model of the iPhone will be recorded in history as an epic disappointment.

“Whatever product that is coming out in September is a clear loser. We haven’t seen it yet, but it is a loser,” said Cramer.

Yesterday, it has been reported that Apple Inc. (NASDAQ:AAPL) is planning to start the production of its refreshed iPhone in the second quarter this year. According to sources, the new iPhone will sport the same size and shape. The sources also cited that the tech giant is still in discussion regarding the potential production of a cheaper iPhone.

Cramer noted that there are no positive reports regarding Apple Inc. (NASDAQ:AAPL) for 300 points. He emphasized the “horrendous news” about the company when Goldman Sachs Group, Inc. (NYSE:GS) removed the company from its list of most highly recommended stocks and reduced its price target for the shares of the company.

Goldman Sachs maintained its buy rating for the shares of the company. The firm believed that Apple will struggle to meet the consensus expectations in March and June quarters.

“Let’s just call it as it is. 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.”

In addition, Cramer noted that most analysts in Wall Street expressed negative opinions about Apple Inc. (NASDAQ:AAPL). In a note to investors, Goldman Sachs Group, Inc. (NYSE:GS) analyst, Bill Shope cited that the latest product cycle failed to drive market share and the expected new user growth. According to him, the iPhone and iPad maker need more hits and its upcoming products are surrounded with uncertainties.

 “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. This is the classic ‘when do you get a bottom?’ when there is no one left who likes it,” Cramer added.

Moreover, Cramer also emphasized that Apple Inc. (NASDAQ:AAPL) is in a defensive situation in China due to confusion on its warranty policy and cited that its CEO Tim Cook apologized for the situation. According to him, the company got a “very bad will” in the country.

Despite all the negative observation about Apple Inc. (NASDAQ:AAPL), Cramer think the company established a “really good” base and if the company releases a “wow” product, it will still matter. He also believed that raising its dividend by 4 percent will help the stock, and could be a reason for analysts to be reluctant to issue a downgrade recommendation.