IBM has substantial operations in many countries, including the United States, Canada, and Germany. Go to finance.yahoo.com/q?s=ibm.

Click on Historical Prices. (Or apply this exercise to a different MNC.) Set the date range so that you can obtain quarterly values of the U.S. stock index for the last 20 quarters. Insert the quarterly data on a spreadsheet. Compute the percentage change in IBMs stock price for each quarter. Next go to finance.yahoo.com/stock-center/ and click (under U.S.) on S&P Composite 1500 Index, which represents the U.S. stock market index, so that you can derive the quarterly percentage change in the U.S. stock index over the last 20 quarters.