(FORTUNE Magazine) – Though they welcomed the general prospect of a weaker dollar with a brief cheer -- the Dow Jones industrial average rose more than 18 points the day after the Plaza Hotel announcement -- investors couldn't find much cause for excitement among individual U.S. stocks. Most dollar plays were in industries whose earnings will quickly reflect the change in currency values -- prescription-drug companies, for example, which get on average 35% of their sales abroad. Though takeover speculation muddied the picture, packaged goods companies and food processors generally fared well. Gillette, with 52% of its sales abroad, was the star performer; its European earnings were growing even when the dollar was high. Yet not all the movements were predictable. IBM's stock dropped after a quick uptick; the company's brightened overseas prospects apparently were overshadowed by the sluggish domestic market. And Caterpillar broke away from the pack of heavy equipment makers, most of whom won't see the benefits of the weaker dollar for months or years. At a heavy cost to earnings, Cat kept overseas prices competitive to preserve market share. Now it is poised for fast gains, and investors are rewarding its farsightedness.

CHART: FIVE THAT ROSE ON A FALLING DOLLAR STOCK PRICE COMPANY SEPTEMBER 20 OCTOBER 4 PERCENTAGE GAIN Gillette $59.75 $65.625 9.8% Schering-Plough $45.50 $49.75 9.3% Int. Flavors & Fragrances $29.125 $31.375 7.7% CPC International $43.75 $46.125 5.4% Caterpillar Tractor $34.125 $35.75 4.8% All these companies get at least 42% of their sales abroad.