Micron can't get out of its own way, said Cramer, adding that it wouldn't shock him to see something of a bounce when the company reports its numbers. Still, he noted, he wouldn't want to own it.
Nike, on the other hand, is all the way up, and he doesn't like that either.
Cramer advised investors to be careful with both Micron and Nike. -- Micron because he doesn't like the earnings, but said it could bounce; Nike because he hates to buy stocks at or near their 52-week high.
Analysts are expecting Micron to post earnings of 57 cents a share and revenue of $3.91 billion for its third quarter. On Tuesday, several analysts lowered their price targets on the stock. The company currently has an average rating of buy, and an average price target of $35.86. Shares of Micron are down about 30% year-to-date.
For sports retail giant Nike, Wall Street is expecting earnings of 83 cents a share on revenue of $7.69 billion for its fourth quarter. Nike is widely expected to blow past those estimates. Recently, Nike and the NBA announced a partnership making the sports retailer the official provider of apparel to the NBA beginning in 2017. The deal is said to be worth more than $1 billion. The company is also benefitting from the athleisure trend which is driving sales of apparel and footwear. The stock is up about 11% year-to-date.