Shares of Adobe (ADBE) - Get Report are up 13% this year, but have struggled in the fourth quarter and are down 2%. Will Thursday's earnings report kick the stock into rally mode to close out the year?

For Adobe, it's all about the Internet of Things and broadening its reach to customers, according to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio.

Speaking from the floor of the New York Stock Exchange on Wednesday, Cramer detailed why he and co-manager Jack Mohr added Adobe to the Action Alerts PLUS portfolio in early December. The company is of very high quality, Cramer said, but they did not want to be undisciplined and chase the stock.

Instead, they waited for it to pull back. After popping higher in September, the stock traded sideways before taking a post-election dip.

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Simply put, this is not a Trump stock, Cramer said. Adobe is not a cyclical stock -- like an industrial or energy company -- that will see a direct benefit from the new administration.

Investors have temporarily left many good stocks in order to ride the momentum in what are perceived as Trump stocks, Cramer said. The resulting short-term declines offer longer-term investors an opportunity to buy, he noted.

Analysts expect Adobe to earn 86 cents per share on $1.59 billion in revenue. 

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