No one is sure about the euro zone's destiny, but most economists are certain it's headed into a recession, if it isn't already there.
The U.S. economy, meanwhile, is facing a slowdown, though there have been signs that American consumers are spending more.
"The economy has been expanding moderately, notwithstanding some apparent slowing in global growth," the U.S. Federal Open Market Committee said in a statement at the end of its meeting Tuesday.
The turmoil in Europe has been reflected in the benchmark Stoxx Europe 600 Index, which is down 13 percent this year, compared with the Standard & Poor's 500 Index, which is down only about 1 percent for the period.
According to JPMorgan's equity strategists, 8 percent of S&P 500 companies' earnings per share come from Europe.
JPMorgan did a screen for companies with a large amount of sales in Europe rated "underweight" or "neutral" by the investment bank and with a market value of more than $3 billion.
The five stocks that you should absolutely avoid are listed below. (The bank also has a list of shares worth buying.) They're rated "underweight" by JPMorgan and listed by most downside from analysts' price targets.
5. Exxon Mobil
Company Profile: Global oil company.
2011 Return: minus 10.1 percent
Current Price (Dec. 13): $80.53
JPMorgan's 2012 Price Target/(Downside) Upside: $88/up 9.3 percent
4. Computer Sciences Corp.
Company Profile: Information-technology and business-services company.
2011 Return: minus 49.7 percent
Current Price (Dec. 13): $24.93
JPMorgan's 2012 Price Target/(Downside) Upside: $27/up 8.3 percent
3. Edwards Lifesciences
Company Profile: Offers products and technologies that treat advanced cardiovascular disease.
2011 Return: minus 17 percent
Current Price (Dec. 13): $67.13
JPMorgan's 2012 Price Target/(Downside) Upside: $70/up 4.3 percent
2. First Solar
Company Profile: First Solar makes solar panels.
The company yesterday slashed its full-year forecast.
2011 Return: minus 67.3 percent
Current Price (Dec. 13): $42.57
JPMorgan's 2012 Price Target/(Downside) Upside: $40/minus 6 percent
Company Profile: Makes navigation devices enabled by global positioning technology.
2011 Return: up 23.9 percent
Current Price (Dec. 13): $38.38
JPMorgan's 2012 Price Target/(Downside) Upside: $30.50/minus 20.5 percent
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