1) the S&P Technology Sector is looking at earnings growth of 10.5 percent in 2012, without Apple it is looking at earnings growth of 4.6 percent — still up, but only half of the sector with Apple.
2) these numbers do not do justice to Apple's dominance in the stock market. Here's a better way to look at them:
(% weight in S&P 500 and market cap)
Apple 4.3% $541 b
Material Sector 3.5% $440 b
Utilities Sector 3.4% $428 b
Telecom Sector 2.7% $339 b
Do you get this? Apple is bigger than the entire S&P Materials Sector (31 stocks!), as well as Utilities and Telecom. That is dominance.
Does Apple still have further to go? Sure. It’s trading at about 12 times forward earnings, that is below the 13 times forward earnings the S&P 500 is trading at right now!
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