Power Play: Bright side of interest rate hikes

Traders gather at the post that trades IBM on the floor of the New York Stock Exchange, Oct. 20, 2014.
Brendan McDermid | Reuters

The market is fixated on when the Fed will start hiking interest rates, with stocks rallying a day after Fed Chair Janet Yellen said liftoff will be at a slow pace.

But Jamie Cox, managing partner at Harris Financial Group, tells CNBC's "Power Lunch" on Thursday investors are too focused on the negatives of a rate hike and are not paying attention to the positives.

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"Pension liabilities at big multinationals tend to weigh on earnings and income statements, but when interest rates rise, the impact of those pension liabilities will go down," Cox said. They are inversely proportional to interest rates and he believes lower rates are really beneficial to pension participants.

"This is an underlying tailwind to corporations with huge pensions and would make earnings of multinationals much more attractive," Cox said.

A company Cox recommends right now is IBM. Shares of IBM are down eight percent for the past year, but are up one percent during trading.