NEW YORK (TheStreet) -- Companies that have large international sales will likely report poor earnings results due to the rallying U.S. dollar. 

Investors should wait for that disappointment to be priced into the stocks, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said Thursday on CNBC's "Stop Trading" segment. 

Some stocks, like PVH Corp. (PVH) - Get Report and Procter & Gamble (PG) - Get Report, have fallen from their highs as a result of negative impact from the stronger dollar. Procter & Gamble was also downgraded Thursday to outperform from market perform by analysts at BMO


PVH Corp. PVH and Procter & Gamble PG data by YCharts

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Cramer pointed out, however, that Procter & Gamble is actually trading pretty well despite the downgrade and the expected currency headwinds ahead. The consumer goods company also faces possible pricing pressure from Wal-Mart (WMT) - Get Report

The stock price has plummeted 10% for the year. But if investors keep the shares above $80, it's possible to view that as bullish price action. 

And if that's the case, perhaps that's investors' way of saying they are aware of the risks and willing to own the stock anyway, Cramer concluded. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.