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Some S&P 500 companies have reported huge European revenue gains despite the ongoing debt crisis, while others have been hit quite hard. Here are two from each category.

While US investors in the last quarter feared a new recession triggered in part by the ongoing European debt crisis, US companies were still making money in Eurozone nations. A recent article in The Wall Street Journal reported that of the 39 companies in the S&P 500 that reported sales to Europe, revenue was up 11.4%.

Compared to 2010, the 2011 sales to Europe were a bit lower, but still accounted for well over 24% of the global revenue of the 39 companies. (See the report here.)

Apple Inc. (AAPL) was one of the big winners, as the company reported a 55.1% gain in revenues from Europe, followed by a 31.5% increase from Caterpillar Inc. (CAT). On the other side of the ledger is Western Digital Inc. (WDC), whose revenue from Europe dropped 32.3%, and Linear Technology Corp. (LLTC), whose European revenue was down 28%.

Looking at the performance over the past year, it is no surprise that Apple leads the pack, gaining 33.1%, followed by Caterpillar, which is up 14.3%. Western Digital was also higher by 11.3%, while Linear Technology lost 2.9%. Those stocks with deteriorating trends in European revenues may be more vulnerable to selling as the year progresses.

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Chart Analysis: Apple Inc. (AAPL) was up sharply again on Wednesday, gaining 1.7%. The weekly chart shows that prices are getting closer to the weekly and monthly Starc+ bands in the $480-$484 area.

• There is also trend line resistance, line a, just above $480
• The relative performance, or RS analysis, broke through resistance, line c, in July 2011, signaling that AAPL was again outperforming the S&P 500
• The on-balance-volume (OBV) is back above its weighted moving average (WMA) but has not yet broken through the bearish divergence resistance at line d
• There is first support now at $454-$460 and then stronger support in the $430 area. The weekly uptrend, line b, is in the $390 area

Caterpillar Inc. (CAT) has made little upside progress this week and is now near the 2010 highs of $116.55. The weekly Starc+ band is now in the $118 area.

• The RS line moved through its weighted moving average at the end of October and then dropped back below it in December
• The RS overcame stronger resistance, line f, in January, confirming that CAT was a market leader
• Volume has been strong over the past month, as the OBV has moved through its downtrend, line g, and its weighted moving average
• There is first strong support now in the $98-$104 area

NEXT: Two Stocks Hardest Hit by Slow Eurozone Sales

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