The main theme in disappointing earnings reports this week for large U.S. companies is damage from the decline of the euro. Election results in Greece are heaping additional pressure on the common currency.
Three weeks ago, we published a list of 15 European companies benefiting from a weak euro, helped by high levels of exports to the U.S.
The weakening of the euro EURUSD, -0.28% and strengthening of the dollar reflect the much stronger U.S. economy, as well as the epic drop in crude oil CLH5, -2.53% prices. That is a perfect recipe for European companies that export goods to U.S. customers, but is also painful for U.S. companies that sell their wares in Europe.
Even a small disappointment in quarterly earnings results or guidance can lead to a strong reaction among investors.
Here are the 15 S&P 500 companies based in the U.S. that derive more than 35% of their revenue from Europe:
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