TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer is worried about how much Facebook (FB - Get Report) has run up in anticipation of the earnings.

"Facebook is a great advertising vehicle," Cramer noted, pointing to strength in Instagram.

"Like Apple (AAPL - Get Report) if you don't own it, you should wait," Cramer said, adding that insider selling after the earnings report may offer a buying opportunity. 

Facebook releases earnings on Wednesday after the closing bell.

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