Expected quantitative easing from the European Central Bank on Thursday will likely send the U.S. dollar even higher, hurting some big-name tech stocks such as Hewlett-Packard in the process, if history is any guide.
A "strong dollar is negative for any company with significant overseas business," said James Kelleher, director of research at Argus. "Companies like IBM and HP can't totally avoid a currency headwind at the cost of being a global company."
Historical analysis using Kensho, a quantitative data analytics tool used by hedge funds, shows that on 10 occasions since Jan. 1, 2005, when the dollar rose 5 percent or more over 60 trading days, tech names were among the worst performers for the next three months.