A few weeks ago, shares of Brown-Forman (BF.A) (BF.B) spiked on reports that it had received (but later rebuffed) a takeout offer from Constellation Brands (STZ) . Like Constellation Brands, which is up 21% on the year, Brown-Forman is doing well, up 16.7% in 2017.

Investors will be looking for that momentum to continue or perhaps hear an update on the offer from Constellation Brands when Brown-Forman reports its quarterly earnings Wednesday before the open.

TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, said he's not sure why Brown-Forman would want to sell itself at this point. Without a deal emerging, perhaps that's management saying it doesn't want to be sold.

Its most noteworthy brand, Jack Daniels, has had a few new iterations that are helping Brown-Forman do well, Cramer said. He also pointed out that Constellation Brands bought High West in October 2016, which is a high-end whiskey distiller.

Cramer's still waiting for Brown-Forman to release very high-end whiskey, scotch, rye and bourbon. Perhaps there is something in the works or ready for release, he acknowledged.

For now, though, Cramer said he prefers to stick with Constellation Brands.

Analysts expect Brown-Forman (B shares) to earn 41 cents per share on $738.4 million in sales for the most recent quarter.

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

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