A group of stocks including Advanced Micro Devices are set to benefit now that the dollar is weakening, according to a stock screen from
Pro. A weaker dollar means American exports are now cheaper for overseas buyers. The U.S. dollar has recently been on the decline, with the U.S. ICE Dollar Index down about 3.6% this year, and off by roughly 3% this month alone. For some companies, that could mean further upside to their stock prices. Not only does a softer dollar mean these companies could sell more goods, the currency translation means they would still benefit even if they sold the same amount.
Pro reviewed the five biggest monthly declines in the dollar s over the past five years, using the U.S. ICE Dollar Index and FactSet data. This is what we searched for: Median gain of at least 10% during weak dollar months Analysts believe the stock is due for gains in the next 12 months S & P 500 member Here are the names that turned up. AMD was the No. 1 stock that surfaced on our screen.
's Michael Bloom contributed to this report.