Apple stock hits record $300
The Verizon iPhone and the iPad invasion have given investors more reason to pile into AAPL.
By Scott Moritz, TheStreet
Rising $2.61 to $301.15 in Wednesday morning trading puts Apple's market capitalization at $275 billion, second only to Exxon Mobil's (XOM) $315 billion value, as the largest U.S. companies by stock value.
Apple's gains have pushed the company past Microsoft (MSFT), which is a distant second in the tech sector at $214 billion. (Microsoft owns and publishes MSN Money.)
The stock's strength, on a steady string of all-time highs, has gained momentum in recent days on a bounty of positive developments. This week, the nation's largest retailer, Wal-Mart (WMT), said it will start selling the iPad. On Tuesday, Intel (INTC) praised Apple's successful reinvention of the tablet device, an odd gesture since Intel chips have been omitted from the iPad.
But probably the biggest fuel to the Apple fire is the looming arrival of the Verizon (VZ) iPhone early next year. According to new Morgan Stanley estimates Wednesday, Apple is likely to sell an additional 8 million iPhones a year at Verizon, the No. 1 wireless service.
As far as valuation, Apple has yet to conquer some of its more richly appraised tech peers. Apple ranks third in tech for projected earnings growth, or so-called multiple, a measure of how much investors are willing to pay for future earnings.
Apple's forward price-to-earnings ratio, or value of the current stock to the year-ahead earnings target, is 16.69. Meanwhile, search giant Google (GOOG) has a price-to-earnings ratio of 17.29, and wireless chip shop Qualcomm (QCOM) is the most treasured of the bunch, with a P/E of 17.5.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] A solid November employment report translated into a solid day of gains for the major averages. While there was some talk that the encouraging job growth raised the odds of the Fed announcing a tapering at its December meeting, the message of the markets today was either that it didn't believe there would be a tapering this month or that it doesn't fear a tapering this month.
It was just one day, yet there was ample meaning wrapped up in the connection that the 10-yr ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.