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Apple is now the world's most valuable company
Apple and ExxonMobil played market cap tag yesterday, but at market close today Apple has pulled ahead and is now the most valuable company in the world. Apple's market cap now stands at US$337.17 billion, over $6 billion more than Exxon's $330.77 billion market cap. Market cap is only one way of measuring a company's value, and one could certainly argue that Exxon's chief product, petroleum, is a far more vital commodity to the world market than Macs, iPhones, and iPads. It's still a watershed moment for Apple, however, and the psychological impact of having the world's highest market cap is pretty phenomenal for a company that was on the ropes just 12 years ago. Will Apple hold onto its spot at the top? It's impossible to say at this point, but unless Apple really stuffs something up in the near future, its competitors are going to have a hard time unseating Apple from its spot as the financial pinnacle of the tech industry.
Apple briefly passes ExxonMobil for largest US market cap
As we reported earlier today, Apple (AAPL) shares were up to US$367.91. At that price, for a few moments, Apple was "worth" $342 billion (overall market capitalization) while ExxonMobil (XOM) was at $341 billion with a $70.71 share price. That made Apple -- briefly -- the world's most valuable company. Once the market closed, however, Exxon was worth a whopping $352.90 billion, and Apple closed with a market cap of $347.10 billion. Not bad for either of them. The markets have obviously been volatile this week and last, leading to large losses for both companies' stocks, but Apple has managed to recover more today than Exxon, leading it to overtake the oil giant, if briefly. Apple is currently off about 8% from its all-time high of $404 a share, but ExxonMobil is off nearly 20% for its $88 high. Given that oil prices are continuing to fall, it looks like Apple could yet pull ahead for some time to retain the title "Most Valuable Company in the World."
Apple set to surpass ExxonMobil as world's most valuable company
Several sites are reporting that Apple is about to pass Exxon Mobil as the world's most valued company, by market capitalization. StreetInsider.com reports that Apple's market cap is US$333.7 billion while Exxon Mobil's is $338 billion, meaning they could hit that cap today. We'll keep an eye on it and let you know when Apple surpasses this landmark milestone. If it turns out to be true, congratulations to Steve Jobs and everyone at Apple. That's an amazing achievement.
