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Facebook (FB) - Get Free Report has had a good run, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, pointed out from the floor of the New York Stock Exchange Tuesday.

But will that impact the stock when the company reports earnings on Wednesday after the close

"Any stock that has run is vulnerable," Cramer reasoned. The stock had floundered in November and December, but has since caught a wave of momentum, climbing almost 13% over the past month.

That includes Tuesday's roughly 1% decline, but either way, it's a noteworthy move for a company sporting a market cap of more than $370 billion. 

Even with good earnings results, the stock could still come under selling pressure. That's what happened with Alphabet (GOOGL) - Get Free Report , a stock that rallied into its earnings report earlier this month, Cramer explained.

Facebook and Alphabet are holdings in Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB or GOOGL? Learn more now.

As the stock rallies, investors' expectations climb too. That's why even a great earnings result can create a selloff in high-quality stocks, he reasoned. There is a silver lining, though. Cramer said selloffs in these situations are generally short-term. 

Analysts expect the company to earn $1.31 per share on $8.51 billion in sales. 

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At the time of publication, Cramer's Action Alerts PLUS had a position in GOOGL and FB.