Jim Cramer -- You Must Watch Pioneer Natural Resources, Workday

Crude oil is down 3.1% on Wednesday, which is one factor weighing on shares of Pioneer Natural Resources (PXD) . The energy company announced a 12 million share secondary offering at $117. 

Investors should watch this stock, which needs to find support near $117, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

At its highs, shares of Pioneer Natural Resources climbed towards $230 in July 2014. Now the stock price has been cut in half, Cramer said. It's an "excellent, excellent company," and if investors agree with Federal Reserve Vice Chairman Stanley Fischer that the decline in oil is only temporary, then maybe now is a good time to buy some shares. 

PXD Chart
Pioneer Natural Resources PXD data by YCharts

However, if investors believe oil prices will remain lower for the foreseeable future, now is not the best buying opportunity, he added. 

Another stock Cramer is watching is Workday (WDAY) , whose shares are down after a downgrade to hold from buy at Barclays. Analysts cited intensified competition as their reason for the move. 

With the exception of Amazon (AMZN) and Netflix (NFLX) , investors simply don't want to own high-valuation stocks, Cramer said. 

WDAY Chart
Workday WDAY data by YCharts

"Workday is a great company, but people are shying away from anything having to do with high-priced earnings multiples," he explained. 

If short-term investors believe stocks are going down, then high-valuation stocks like Workday will most likely decline. However, if investors take a longer term approach, then Workday will likely continue to put up impressive growth numbers, Cramer said. 

Watch shares of Workday for a barometer on the strength of high-growth stocks, and watch shares of Pioneer Natural Sources as a barometer on energy stocks, he concluded. 

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

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