Bon voyage bottom line: Dollar hitting earnings

Strong dollar
Bay Ismoyo | AFP | Getty Images

Of the 25 companies in the S&P 500 with the most overseas sales, shares of 22 of them are lower in the last one month. Many of the losses are in the double digits.

This earnings season is shaping up to be a clear case of the haves versus the have nots. If companies have high U.S. dollar exposure, their stocks are getting killed. If they don't, this season is shaping up pretty well.

Just on Thursday, Caterpillar lowered its 2015 revenue forecast by $1 billion because of dollar strength hurting global sales and crushing the price of the commodities CAT's customers sell. 3M blamed foreign currency translation for a weaker-than-expected forecast.

And then McDonald's said global same-store sales fell for a fourth straight quarter because of weakness in Europe.

Watch out if you hold shares of the companies below, which have the highest percentage of foreign sales. Many have yet to report earnings.