CNBC's Jim Cramer on Thursday flagged investors on two companies that recently issued earnings warnings.
Cree, a maker of light-emitting diodes, pre-announced earnings that Cramer said suggest its business is doing "really bad." Its lighting products business, in particular, suffered a 20 percent decline year-over-year, with the company citing weaker global demand.
"That's what I worry about," Cramer said on "Squawk on the Street," suggesting weak demand is one of the more difficult headwinds to face.
Meantime, fertilizer producer Agrium pre-announced quarterly results that were lower than expected, citing strong growing conditions.
"You just don't need a lot of fertilizer when things are real good," Cramer said.
In turn, he said, investors "would be foolish not to" pay attention to Agrium's pre-announcement, as it could spark selling throughout the agriculture sector.
"People sell first and ask questions later," Cramer said. "All of those are going to be weaker. The whole complex."
DISCLOSURE: When this story was published, Cramer's charitable trust had no positions in Agrium or Cree.