NEW YORK (TheStreet) -- Falling oil prices will eventually start to affect the stock market, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, on Friday. However, if oil prices bring down good stocks like Adobe Systems (ADBE) , then investors should consider it a buying opportunity.
Adobe reported "an amazing quarter," Cramer said on CNBC's "Cramer's Mad Dash" segment. Shares of Adobe are higher by 9.2% as of 11 a.m. The company also added a "huge number of customers," Cramer said, with 644,000 new subscribers for the quarter, more than Cramer's estimate of 500,000.
Analysts believe the company can earn $5 per share in 2017, Cramer added, calling Adobe a "really good company" with a great CEO.
If shares are dragged lower along with the broader market due to falling oil prices, investors should use this as a buying opportunity, Cramer advised.
Then there's GoPro (GPRO) . There's "a battle" going on between longs and shorts in the stock, Cramer explained. On the one hand, the company has a large opportunity in China and should see enormous U.S. holiday sales.
On the other hand, the company's lockup expiration comes on Dec. 23, just days ahead of Christmas. GoPro's lockup is "gigantic," he said, with 15.2 million shares becoming available to sell on the open market. The company only has a float of 36 million shares.