Apple market cap hits $600 billion
Only one other company has hit that milestone before.
Updated: 4:12 p.m. ET
Apple (AAPL) became the world's most valuable company earlier this year, but that wasn't enough. The stock has surged ahead since then to hit another milestone.
The company's value hit $600 billion Tuesday. Only one other company has ever done that before. Microsoft (MSFT) reached a peak value of $619 billion during the heady days of the tech stock boom in 1999. Now, however, Microsoft is only worth $260 billion. (Microsoft owns and publishes Top Stocks, an MSN Money site.)
Apple was able to top $600 billion after seeing its shares climb to $644 Tuesday morning, The Associated Press reports.
Post continues below.
General Electric (GE) almost hit $600 billion in 2000, but has since dropped to a market value of only $198 billion.
Apple is unique because it got to $600 billion so quickly. It only took 40 days to get from $400 billion to $500 billion, and then the next leap was even faster. It hit $500 billion on Feb. 29, and has ridden a wave of investor enthusiasm that shows no signs of slowing. Analysts keep ratcheting up their price targets on the stock, and one -- Brian White of Topeka Capital Markets -- thinks the stock will hit $1,001. On average, however, analysts have a price target of about $678.
Forbes said that for Apple to hit a trillion dollars in market value, its shares would have to rise to $1,073.
Microsoft still blows away Apple if you take inflation into account, by the way. That $619 billion peak for Microsoft becomes $846 billion, the AP reports. So Apple still has a ways to grow.
More from Top Stocks
- Coca-Cola in stock shakedown
- Why Facebook is buying Instagram
- The mystery of Sherwin-Williams
- Can ranch dressing conquer the table?
"Apple market cap hit's $600 billion"WOOOO HOOOO. And the rest of the market did what?
I wish Apple & every other company that has moved it's manufacturing over-seas, the worst possible Karma. The Rich keep on getting Richer. While the Poor keep on getting poorer.
It would make sense for these huge companies to invest into the American people. Sooner than later, the American Middle-Class will not be able to afford Apple products. "Brand-New" i-phones are already ridiculously expensive.
When I went to look into purchasing one, It would have cost me $400 for the phone itself then $200-$300 for a deposit & other fee's. So I was looking at on the low-end $600 plus for an i-phone & Contract.
I went on Amazon & purchased a Black Jack Apple phone at auction for .18 cents then paid $5 S&H. I hooked it up for $30 & have a bill of $60 monthly. I get Unlimited Long Distance, Internet, Pictures, & Texts. all for $60 a month.
Such a deal if you ask me. Apple wanted all that money then wanted $150 monthly for not even the same amount of stuff I get for $60
The day will come when people will not pay for the Apple name anymore. They are & will start using these cheaper stores that give you the same stuff.
My brother gave me his old i-phone, it cost me $60 monthly for the same services as Apple. Costs $30 to hook up & a monthly bill of $60 who wouldn't use these companies?
I will never be "Contracted" & I will never pay more than $100 for an i-phone ever. Use Metro Pcs. or another cheaper company. I use Unlimited Cell. & have for 5 years now & probably saved thousands of dollars.
2- Most of their products are manufactured in Ch..., not good for local people.
3- Don't want to be 1 additional on the stupid list, using that phone while even shitting.
4- Fed up with trickle up economy but being treated as trickle down economy.
5- What is a phone for? I got 1 which cost me roughly $7/mo and hardly being abused.
This is completely corporate greed.. How bout a dividend?? How bout paying back your investors, for there "faith" in your company..
I'm still not sure what technical innovations this company has created.. They aren't visionaries.. like some think they are.. They didn't create the music player.. the cell phone.. the tablet.. and they certainly haven't perfected it.. Everything they do is over priced.. but exclusive.. so in some way it must be better?? Sheeple.. that's all I can figure.. So to all the I-diots.. have fun with your new i-garbage.. which in reality isn't any better than any of the other things that you believe that you are..
Why wasn't Jobs ever featured on this hypocritical hit list?
MORE ON MSN MONEY
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.
The rollout of the new national health care plan has been far from perfect, but some sectors may get an Obamacare bump.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.