NEW YORK (TheStreet) -- Facebook (FB) plans to report fiscal third-quarter earnings results on Wednesday after the close. TheStreet's Jim Cramer explained why he feels good about selling some of the Facebook position in the Action Alerts PLUS portfolio. 

Cramer said he hates it when a company's shares run up in advance of an earnings report. Shares have roughly doubled in the three months since the company's last earnings release, Cramer noted.

In its second-quarter earnings report, Facebook gave investors what they had been demanding: Robust mobile monetization. As a reward, shareholders rapidly bid up the stock price. 

Cramer questioned what would be next for the company and what would make investors say "wow" again.

He said he thinks the company will have many good things to say, but when expectations are high for a company, more times than not it sells off in the wake of its earnings report. 

Unless Facebook talks about dramatically accelerating revenue growth, new applications or something that investors and analysts haven't even thought of yet, the stock likely will sell off, Cramer said. 

-- Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long FB.

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.

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