Apple and Microsoft neck-and-neck
Apple had the second-largest market cap last week, but Microsoft has reclaimed its position.
Yes, that happened last week when Apple kicked Microsoft (MSFT) to the No. 3 spot. Well, kind of. See, the S&P doesn't count shares that aren't available for active trading, so that leaves out a big chunk of Microsoft shares (including those held by Bill Gates).
So, if you add those shares, Microsoft is still worth about $25 billion more than Apple, writes Linda Stern at CBS MoneyWatch.com.
At any rate, the companies are pretty much neck-and-neck for the No.2 spot. Monday, Apple dropped back to No. 3 after its shares lost some momentum.
It's still amazing to me, after watching Apple shares flounder for so many years pre-2007, to see this kind of runup. To go from also-ran to market king in just three years is a feat.
Investors are obviously high on the sock. So is this the time to sell Apple? Let me ask you this, would you abandon a company that is firing on all cylinders and recently launched a market-changing new product?
Options strategist Jason Schwarz thinks the stock is headed to $400 and eventually $500 (It's now trading at about $270). It may end up crushing Exxon Mobil (XOM) for the No. 1 spot, he writes.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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