Facebook (FB) is scheduled to report earnings on Wednesday after the close and investors are wondering if the event will trigger some movement in the stock. Shares are up less than 1% and roughly 4% over the past month and three months, respectively.

Will that change on Wednesday?

While it's been a quiet few months, Facebook "has now run up big" this year, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said from the floor of the New York Stock Exchange Tuesday.

For investors trying to decide whether to buy or sell, it's probably best to wait. 

Wait to see if there's a pullback, Cramer said, explaining that it's a great stock to own over the long-term, but investors could have a better buying opportunity ahead. If it doesn't pull back, then chalk it up as a miss and move on, he added.

The company's Instagram platform still has plenty of growth. While it is seeing competition from Snapchat, Cramer reasoned that Instagram has a more favorable user demographic for advertisers, thus making it more attractive than Snapchat.

Cramer has a lot of faith in Facebook going forward -- that's why it's a long-standing holding in the Action Alerts PLUS portfolio -- but investors should use cautious headed into earnings.

Analysts expect the company to earn 97 cents per share on $6.92 billion in revenue.

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

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