Boeing Co (BA) - Get Report shares have taken off in 2017, climbing a robust 37% so far this year. That's a big move for a large-cap company like Boeing, which now sports a market cap of nearly $130 billion.

However, investors should be "very careful" with Boeing, TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said from the floor of the New York Stock Exchange Tuesday.

The company is scheduled to report earnings Wednesday before the open. Analysts expect Boeing to earn $2.30 per share on $23.02 billion in revenue for the most recent quarter.

Why should investors be careful, though? Cramer explained that when the company initially reports its results, investors tend to "go nuts" over the solid report. However, once the conference call begins, management has a way of toning down the excitement and reigning in expectations.

So "please be very careful if you're trading Boeing," Cramer reasoned.

Another company reporting Wednesday before the open is Coca-Cola Co (KO) - Get Report . Analysts expect KO to earn 58 cents per share on $9.65 billion in revenue for the most recent quarter.

Right now, the stock trades at a premium valuation compared to Action Alerts PLUS holding PepsiCo (PEP) - Get Report despite having inferior growth, Cramer pointed out. However, the company has transitioned to a new CEO, has made a lot of improvements and has cut costs.

Coca-Cola's also got an attractive asset-light company, not unlike what he said about Domino's Pizza (DPZ) - Get Report the other day. In essence, Coca-Cola is a syrup company that makes a ton of money, Cramer concluded.

Boeing's shares rose 0.2% to $212.50 by Tuesday's close.

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At the time of publication, Jim Cramer's Action Alerts PLUS had a position in PepsiCo.