NEW YORK (TheStreet) -- The Dow Jones Industrial Average is down roughly 1.5% on Tuesday, being weighed on by disappointing earnings results from Microsoft (MSFT) - Get Report , Procter & Gamble (PG) - Get Report   and Caterpillar (CAT) - Get Report . Many of these large multinational companies are suffering at the hands of a rising U.S. dollar, which is crimping profits and hurting margins. 

The result isn't just on earnings, but also on forward guidance as companies predict worse-than-expected results going forward, David Kudla, CEO and chief investment strategist at Mainstay Capital Management, said on CNBC's "Fast Money Halftime" show. The results are somewhat disappointing, but investors seem to be overreacting to the news. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, had a similar stance, acknowledging the results were disappointing, but that investors seem to be overreacting and selling to much. These results are catching investors off guard, but the U.S. is still the best place to invest. 

"Captain America is not crumbling," added Jim Lebenthal, CFO and CIO of Lebenthal & Company. The U.S. is a great investment as the economy continues to recover. The U.S. dollar is causing short-term pain for many companies, but will unlikely be a long-term headwind.

Earnings estimates are also being slashed by analysts, Lebenthal added. We'll likely see these estimates raised once first quarter results come in better-than-expected. The stronger U.S. dollar will help bolster sales demand in international markets for many multinational companies, he added.

While everyone on the panel seems to think investors are overreacting, maybe they're not. According to Ian Winer, head of equity trading at Wedbush Securities, 2015 earnings per share for the S&P 500 could come in lower than 2014, which would put a real question mark on the market's valuation. 

The strengthening U.S. dollar will continue to weigh on multinational companies, Winer added. He's not as bullish on stocks and also believes it will be "very difficult" for the Federal Reserve to raise interest rates this year. He has a year-end target of 1,800 for the S&P 500.

The conversation shifted to Microsoft, which is off the lows of the days but shares are still down 8.5%. The stock was downgraded by analysts at Citigroup, J.P. Morgan and Nomura Securities, among others. 

The "honeymoon is probably over," with CEO Satya Nadella, said Najarian. The company's costs were too high and the easy tailwinds are no longer present. While revenues topped expectations, at what cost did it come? Margins are likely to be pressured going forward. 

The stock is not a buy, Lebenthal added. A majority of Microsoft's sales comes from Windows, a business that is very "mature," he reasoned. 

The attention will soon shift off of Microsoft when Apple (AAPL) - Get Report reports earnings after the close on Tuesday. There has been "unprecedented demand" for the iPhone, says Steve Milunovich, an analyst at UBS. As much as 30% of iPhone sales may have been of the iPhone 6 Plus, which would increase both margins and sales. There is risk that expectations are too high and that currency fluctuations will weigh on the bottom line. 

Investors should consider trimming some of their long exposure to Apple ahead of the earnings release, Winer said. He expects the company to issue good results, but investors may be expecting too much. 

For their final trades, Najarian is buying Merck (MRK) - Get Report and Lebenthal is a buyer of BP (BP) - Get Report . Kudla said to buy Ford (F) - Get Report and Winer is a seller of CarMax Group (KMX) - Get Report

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