Spencer Co., a U.S. firm, has a large subsidiary in Singapore, which generates a large amount of earnings. Spencer's stock is usually valued at approximately 16 times its reported earnings per share. The earnings generated by the Singapore subsidiary in this period are the same as those in the previous period. The Singapore dollar has depreciated substantially against the U.S. dollar during this period. None of the earnings generated by the Singapore subsidiary in this period will be remitted to the U.S. parent at this time. How will the stock price of Spencer Co. be affected (if at all) when the earnings are reported at the end of this period? Explain.