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NEW YORK (TheStreet) -- As pointed out on Monday, TheStreet's Jim Cramer and Stephanie Link, co-managers of the Action Alerts PLUS portfolio, are in favor of owning Facebook (FB) - Get Free Report

However, the duo wanted to add to their Facebook position by trimming, but not selling completely, their position in Apple (AAPL) - Get Free Report

Cramer and Link said they like Apple because of its valuation, share buyback and upcoming products, but "see no near-term catalyst" justifying a large position in the stock. 

Facebook is another story however. The company has strong business momentum and continues to post impressive revenue growth, which was up 63% year-over-year in the fourth quarter. They also praised the recent acquisition of WhatsApp, although they admitted it was done at a lofty price.

The deal will allow Facebook to expand its international reach, as well as expand its mobile product profile. They called the deal "a smart move for the long run." Link and Cramer concluded that WhatsApp could reach 1 billion users within two years, especially under Facebook's management. 

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At the time of publication, Cramer's Action Alerts PLUS portfolio had holdings in Apple and Facebook.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.