What does it mean if corporate earnings are "even better abroad" than in the U.S.? "A great play for investors," according to Keith Wirtz. The president and CIO of Fifth Third Asset Management offered "Squawk on the Street" viewers his outlook on the market -- and his favorite multinational stock picks.
Wirtz told CNBC's Mark Haines that he utilizes the Dow Theory, comparing "transports and industrials" for signs of "what investors are thinking" going forward. And transportation stocks seem to be big potential movers: The CIO likes Caterpillar and C.H. Robinson Worldwide, which he describes as "the eBay of the transportation area" -- a "broker between people who need to move goods," and the actual transporters.
Wirtz recommended U.S. companies that make a large proportion of their earnings outside of America: "If you can play these cyclicals and they're participating in world growth -- that's a great investment," he declared. He named Boeing, General Electric (parent of CNBC) and McDonald's as good global picks.