Citigroup's Investment Research Chief U.S. Equitiy Strategist Tobias Levkovich has figured out a way to read whether emerging markets still have room to run.

He and his team ran the list below.. these are companies that have 30% or more exposure to emerging markets. Most have done extraordinarily well. That tells Levkovich that, like some of our Thanksgiving turkeys, these emerging countries and their recent success may be a bit overdone.

--Liz

Smart Modular Technologies (SMOD): 54%

Cummins Inc. (CMI): 50%

Celanese Corp. (CE): 40%

Mosaic (MOS): 40%

Visa Inc. (V): 37%

Huntsman (HUN): 36%

Nalco (NLC): 36%

YUM Brands (YUM): 35%

Lubrizol Corp (LZ): 34%

Emerson Electric Co. (EMR): 34%

3M Co. (MMM): 33%

DOW Chemical (DOW): 32%

DuPont (DD): 30%

Potash Corp (POT): 30%

Procter & Gamble Co. (PG): 30%

Corning (GLW): 30%

Owens-Illinois Inc. (OI): 30%

Rexam PLC (REX): 30%

Caterpillar (CAT): 28%

Eaton Corp (ETN): 28%

Parker-Hannifin Corp (PH): 28%

Eastman Chemical Co. (EMN): 28%

Praxair Inc. (PX): 28%

Monsanto Co. (MON): 28%

Boeing (BA): 28%

Mastercard (MA): 26%

SPX (SPW): 26%

Albemarle Corp (ALB): 25%

Cytec Industries (CYT): 25%

Crown Holdings (CCK): 25%

American Tower Corp (AMT): 21%

Ecolab Inc. (ECL): 20%

Ingersoll-Rand (IR): 20%

Bemis Co. (BMS): 20%

Sealed Air Corp (SEE): 20%

Deere & Co. (DE): 20%

Danaher Corp. (DHR): 19%

Merck & Co. (MRK): 18%

Air Products & Chemicals Inc. (APD): 18%

General Electric (GE): 18%

PPG Industries (PPG): 17%

United Technologies Corp. (UTX): 17%

Autodesk Inc. (ADSK): 15%

DirecTV (DTV): 15%

Cooper Industries (CBE): 15%

Eli Lilly & Co. (LLY): 15%

Pfizer (PFE): 15%

Valspar Corp (VAL): 14%

Manpower Inc. (MAN): 10%

Sherwin-Williams Co. (SHW): 9%

Estee Lauder (EL): 9%

Silgan Holdings (SLGN): 9%

Ball Corp (BLL): 8%

General Dynamics Corp (GD): 6%

Brown-Forman (BFB): 5%

Graham Packaging (GRM): 5%

Paccar Inc. (PCAR): 5%

Bristol-Myers Squibb Co. (BMY): 4%

Agrium Inc. (AGU): 4%

Wal-Mart Stores (WMT): 4%

Starwood Hotels & Resorts (HOT): 35% of EBITDA

Chicago Bridge & Iron (CBI): EMEA: 25% A/P: 8%

Fluor Corp (FLR): EMEA: 29% A/P: 9%

Foster Wheeler (FWLT): EMEA: 29%, A/P: 54%

McDermott Intl (MDR): ME: 59%, E/A/P: 25%