By David StermanNEW YORK ( StreetAuthority) -- International expansion has been the top goal of hundreds of U.S. blue-chip stocks. Tapping foreign markets has been an easy way to keep sales and profits growing, usually with little risk. Until now. Even as Greek voters have chosen to stay on the path of austerity (for now), rising bond yields in Italy and Spain are signaling even more pain to come for the Europe. This coming earnings season is likely to be quite painful for many companies that have ventured abroad. Not only are many European economies in recession, but a number of emerging markets are feeling the pain as well. China, for example, has resorted to another round of stimulus to keep its economic deceleration from snowballing. That's why it's now more important than ever for U.S. investors to pay attention to their stock holdings that have significant exposure to Europe.