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Originally posted by xroach
whoah, an informed opinion on gfy .. fucked up
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Just as important, the dollar downdraft is already having a salutary effect on profits -- and the stock market -- by raising the overseas earnings of Corporate America.
It's certainly good news for much of Corporate America, especially multinational companies. About a quarter of the sales of companies in the Standard & Poor's 500-stock index come from their foreign units, estimates Merrill Lynch & Co. The biggest reason for the immediate profit gains that many are starting to see isn't rising exports or better protection from cheap imports but simply from translating foreign earnings from more valuable foreign currencies into dollars.