Apple and Exxon race for most-valuable crown
Exxon has held that title since 2005, but Apple surged ahead for much of the day Tuesday.
Which is the world's most valuable company: Apple (AAPL) or Exxon Mobil (XOM)?
Until Tuesday, the answer had been Exxon. We're talking about a company that set a record in 2008 for the highest quarterly earnings of any company ever. But Apple shares have been on an unbelievable march since 2009, and Apple passed Exxon to become the most valuable company.
For much of the afternoon, anyway. But Exxon came back at the last minute.
Apple shares closed up nearly 6% Tuesday to $374.01, giving the company a market cap of $346.74 billion. Exxon shares rose a little more than 2% to close at $71.64, making its market cap $348.32 billion.
Exxon has suffered lately as oil prices have dropped, and its growth prospects are limited, the Associated Press reports. The company is still raking in money hand over fist -- it made a $10.7 billion profit in its last quarter -- but Apple has the momentum.
Apple made a $7.3 billion profit in its last quarter, and continues to build sales around the world. It's the 800-pound gorilla in the tablet market, and its computers and iPhones have maintained incredible growth.
Investors are starting to look more confident in Apple's future than Exxon Mobil's.
Exxon Mobil shares may come back, however, and leave Apple in the dust. But for part of the day, Apple officially basked in the spotlight as the most valuable company.
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Gee... I wonder when the liberals are going to insist that Apple pays more taxes and give up there monopoly on the iPhone? I mean, how much profit does one company need to make. Why not help the poor oil millionaires with some of that cash.
And yet Exxon pays no taxes, and gets $156 million in government handouts. Brilliant!
I held tight during the last downturn. I felt it would come back. Fortunately I was right on. However there is much work to be done for our government. Especially in expense reduction and the halting of programs that cost a lot of money but do nothing for the country's financial help.
We need to create jobs by reducing taxes especially on small businesses. And stop spending money overseas like building and remodeling mosques hoping to get good will in return. There is only one goal of countries committed to muslim fundamentalism.. That is the death of jews and christians. Wake up America before it's too late!!
exxon being subsidized by our tax dollars is a false statement. The tax breaks were for produced oil/gas from hard to produce formations. We never had the money so it is hardly our tax money. Besides the research involved has resulted in Billions of dollars of potential domestic production. Saudi Arabia's national oil company controls 92.5% of all of its oil until the moment it flows into your tank as gasoline. Exxon could sell its 7.5% at $2/gallon, but, what would happen after that gas is sold? vineagroon needs to do more research beforehe/she makes such ridiculous statements. I think that a market cap of $350 billion means that we should all be in the oil and computer business.
I'll quit posting on this site. Get a job, quit taking any forms of welfare, pay your own way. That is the way our society nees so that we can get the economy back on track.
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