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Don't expect Dow 20K to happen on Wednesday, Cramer says

Nike
Victor J. Blue | Bloomberg | Getty Images

CNBC's Jim Cramer said that there's one stock that suggests the Dow won't cross the 20,000 level on Wednesday.

Nike, one of the biggest companies reporting earnings this week, posted moderate gains in extended trade after it beat expectations. The stock lost its steam in early Wednesday trade and wasn't enough to push past the elusive 20,000 mark Wednesday morning.

"I was counting on that stock to take us there, and I don't think it has the mojo," Cramer said.

Nike shares initially rose 5 percent Tuesday in extended trade after the company posted better-than-expected sales and earnings results. The stock was up slightly in Wednesday morning trade before turning slightly lower.

The footwear and apparel company confirmed that it expects full-year revenue to grow in a high-single-digit range.

"It wasn't a great quarter, it was an actually confusing quarter," he said. "I felt for these guys, almost in existential crisis refusing to recognize that there's competition."