As European bank stocks continue to sell off on projections of weak economic growth and contamination from sovereign debt problems, Apple (NASDAQ:AAPL) is now worth as much as the 32 biggest banks in the euro zone.
Investing Insights: Steve Jobs Prepares to Deliver a New Catalyst for Apple’s Stock.
The DJ STOXX euro zone banks index fell 4% today, its 32 member stocks falling to a combined worth of $340 billion, based on the market capitalization of their free-float shares. The index is down nearly a third since July, and euro-zone banks have lost nearly three-fourths of their value since May 2007.
Apple’s market capitalization is also $340 billion, with the company’s stock climbing 10.99% in the year to date, and 43.27% since last August, with sales of its iPads and iPhones boosting the already thriving company, which was resuscitated by the iPod back in 2001, brought back from the near dead to become one of the world’s most powerful, and profitable, technology companies.
Stocks to Watch: Spain’s Banco Santander (NYSE:STD), France’s BNP Paribas (EPA:BNP), Credit Agricole (EPA:ACA), and Societe Generale (EPA:GLE), Germany’s Deutsche Bank (NYSE:DB), and Italy’s Unicredit (BIT:UCG).
Don’t Miss: Why Apple Needs to Replace Cisco on the Dow 30 Now.