texaco and alcoa generate sales in russia. in india, a country dealing with rising inflation, american tower and pea body energy do a great deal of business. lastly, china, companies like advanced micro device vices generate more than 50% of the revenues there. according to thompson reuters, they are under performing the s&p 500 on a three-month basis. however, jp morgan's richard says that multi nationals with exposure to bricks could be a huge buying opportunity. >> if you watch currencies fall 10, 15, 20%, if you were looking at strategic investment you were planning to build up manufacturing domestically over the next two to three years, you'll uncrease the investment today because you got a haircut of 20% on the investment. >> reporter: while they battle over the fate of emerging market stocks, there is one thing they do agree on, further volatility and markets will continue as these countries assess what type of structural reform is needed to solve the problems. for "nightly business report," i'm seema mody in new york.