“Major stock indexes edged higher Friday, putting the market on track for a fifth day of gains. The increases were limited by more indecision in Europe over how to resolve that region’s debt troubles,” Daniel Wagner and David K. Randall report for The Associated Press. “European finance ministers rejected calls by Treasury Secretary Timothy Geithner to provide a decisive solution that would help Greece avoid a default on its debt. Traders fear that a default would rattle European banks that hold Greek debt and roil financial markets.”
“Blackberry maker Research in Motion Ltd. lost nearly one-fifth of its value after reporting sharply lower revenue and income. The company faces stiff competition from Apple Inc.’s iPhone and phones that use Google Inc.’s Android software,” Wagner and Randall report. “At 2:14 p.m. Eastern time, the Dow Jones industrial average was up 61 points, or 0.5 percent, to 11,494. The Standard & Poor’s 500 index rose 4, or 0.4 percent, to 1,213. The Nasdaq composite index rose 7, or 0.3 percent, to 2,614.”
MacDailyNews Note: Shares of Apple Inc. (AAPL) are currently up $6.28, or 1.60%, to $399.24 after earlier taxing as high as $399.93.
Read more in the full article here.
It has been several weeks since AAPL market cap has been above Exxon-Mobil in market cap. The gap has been widening ever so slowly. Unless something significant happens in the oil industry, Apple is on track to extend the lead as the most valuable company in the world.
Throughout the years, this was an aspirational goal that motivated many investors on Wall Street. AAPL had plenty of growth potential, with XOM being so massively huge. This goal now achieved, what else is there to achieve? For many who don’t know Apple’s position in the industry, it is difficult to see how Apple can continue to grow, when it has outgrown everyone out there, including the mighty behemoth, XOM.
An Apple fan who put $50k into AAPL anytime during 2001 would today have almost $3M. Many people retire with that amount of money in their retirement account by the time they’re 60.
This is The Street’s way of recognizing that 1: Tim Cook will be an excellent CEO. 2: Steve didn’t magically disappear when he retired, he just moved to a bigger office down the hall. Without that certainty, I do not think the stock would have bounced back as fast as it did. 400 will become the new floor after all the programmed sell orders are done.
What else? How about bigger than any privately held company? Bigger than any state-owned company. There’s lots of goals that can be set.
This is the only good news I have had today.
…”Apple stock flirts with $400 mark…”
Well, it didn’t just flirt with her; it is apparently going away with her for the weekend (meaning that she practically signed the letter of intent)…
Girl to AAPL: ” Is that an iPad in your pocket or are you just happy to see me?”