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.
This is a tough one, because there's "off the charts" demand for GoPro's product. At the same time, there could be "off the charts" supply of GoPro stock, Cramer concluded.
-- Written by Bret Kenwell
TheStreet Ratings team rates ADOBE SYSTEMS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ADOBE SYSTEMS INC (ADBE) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."
You can view the full analysis from the report here: ADBE Ratings Report