Wednesday, January 25, 2012

Apple passes Exxon as most valuable company

FILE - In this March 25, 2011 file photo, customers wait outside the Apple store in Munich before the start of sales of the iPad2. Apple has again surpassed Exxon Wednesday, Jan. 25, 2012, as the most valuable U.S. company after a huge fiscal first quarter. (AP Photo/dapd, Lukas Barth, File)

FILE - In this March 25, 2011 file photo, customers wait outside the Apple store in Munich before the start of sales of the iPad2. Apple has again surpassed Exxon Wednesday, Jan. 25, 2012, as the most valuable U.S. company after a huge fiscal first quarter. (AP Photo/dapd, Lukas Barth, File)

NEW YORK (AP) ? Apple has again surpassed Exxon as the most valuable U.S. company after an excellent quarter.

Apple Inc.'s stock rose nearly 6 percent to $445.29 in midday trading Wednesday, bringing the iPhone and iPad maker's market capitalization to $415 billion.

Meanwhile, Exxon Mobil Corp. shares are down 1 percent at $86.52. That gives it a market cap of $414 billion.

Apple said Tuesday that net income in its latest quarter more than doubled, while revenue grew 73 percent.

Cupertino, California-based Apple first topped Exxon as the most valuable company in August, then fell back to second place. The Irving, Texas-based oil and gas giant had held the top spot since 2005.

Apple overtook Microsoft Corp., now in the No. 3 slot with a market cap of $247 billion, in 2010.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/495d344a0d10421e9baa8ee77029cfbd/Article_2012-01-25-Apple-Value/id-ac7a8c0f21ae43cb9c0aebdffafda5c7

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