Shares of Alphabet (GOOGL) - Get Report are scheduled to report earnings Thursday after the close.

Given that the stock is a holding in Jim Cramer's Action Alerts PLUS portfolio, investors are likely wondering what his thoughts are on the company.

He pointed out that Google has decreased the money it's spending on its Google Fiber initiative. While this alone may not be all that material, it shows that CFO Ruth Porat remains disciplined with the company's financial situation.

This is important, as the tech giant brought in Porat to do just that - increase its financial results by balancing its investments and keeping an eye on its bank account. This has led to better-than-expected results and the stock now sits less than 2% below its all-time highs.

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Herein lies the problem though. While Alphabet has been doing a great job as of late, the pattern this earnings season has been not to buy stocks hitting or nearing new highs ahead of the results, Cramer reasoned.

Alphabet shouldn't be an exception, so investors should wait for the company to report before making a move with the stock, he concluded.

Analysts expect the company to earn $8.63 per share on $22.05 billion in revenue.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.