In recent papers, the authors have developed the technique of using Kan extensions to obtain extensions of homology and cohomology theories from smaller to larger categories of topological spaces. In the present paper, it is shown that the conditions imposed there to guarantee that the Kan extension of a cohomology theory is again a cohomology theory in fact also imply that the Kan extension commutes with stabilization. A construction, due to Adams, for completing a space with respect to a homology theory by using categories of fractions is generalized to triangulated categories, and it is shown that, for any family of primes P, the Adams completion of a space X with respect to the homology theory ${\tilde H_ \ast }( - ;{{\mathbf {Z}}_P})$ is the localization of X at P in the sense of Sullivan. Using this, the Kan extension of the restriction of a homology theory to the category of spaces having P-torsion homotopy groups is determined.
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