These stocks have a strong dollar problem

An employee selects a HP EliteDesk desktop computer, produced by Hewlett-Packard Co., from a pallet of boxed HP computers in a warehouse in this arranged photograph taken in London, U.K.
Simon Dawson | Bloomberg | Getty Images
An employee selects a HP EliteDesk desktop computer, produced by Hewlett-Packard Co., from a pallet of boxed HP computers in a warehouse in this arranged photograph taken in London, U.K.

Expected quantitative easing from the European Central Bank on Thursday will likely send the U.S. dollar even higher, hurting some big-name tech stocks such as Hewlett-Packard in the process, if history is any guide.

A "strong dollar is negative for any company with significant overseas business," said James Kelleher, director of research at Argus. "Companies like IBM and HP can't totally avoid a currency headwind at the cost of being a global company."

Historical analysis using Kensho, a quantitative data analytics tool used by hedge funds, shows that on 10 occasions since Jan. 1, 2005, when the dollar rose 5 percent or more over 60 trading days, tech names were among the worst performers for the next three months.

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