Trying to analyse the market sans-Apple is a growing sport, given the outsize role the company has in every category in which it resides.
Here’s a fun chart from BarCap, looking at the trajectory of tech sector earnings over the last year with and without Apple.
As you can see, tech sector earnings sans-Apple have actually been in decline since Spring 2011.
Of course, you can never perfectly remove Apple, since Apple helps take earnings away from other companies, so presumably a fair number of their competitors would be more profitable if Apple ceased to exist.
Meanwhile, Eddy Elfenbein tweeted out this remarkable state on Friday…
Once you remove $AAPL, the S&P 500’s year-over-year earnings growth drops from 7.8% to 2.7%. $$
— Eddy Elfenbein (@EddyElfenbein) March 23, 2012