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NEW YORK (TheStreet) -- When many despised Facebook (FB) - Get Free Report less than a year ago, TheStreet's Jim Cramer and Stephanie Link were holding the stock in the Action Alerts PLUS portfolio they co-manage. 

After the stock's huge run-up last fall, the duo decided to reduce their position and book some gains. After taking some profits, Link and Cramer decided last week that it was time to buy shares of Facebook again.

The company's decision to purchase rapidly growing WhatsApp for $19 billion shows that Facebook is willing to pay up for "increas[ing] its international presence and solidifies its efforts in instant messaging," they said. 

They also like the company's strong growth -- in the most recent quarter, revenue rose 63%, with mobile advertising revenue topping $1 billion, a four-fold increase year-over-year. 

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At the time of publication, Cramer's Action Alerts PLUS portfolio had holdings in 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. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.