“Apple is getting closer to the $1 trillion mark,” Evelyn Cheng reports for CNBC. “Shares of the iPhone maker hit another all-time high Wednesday. At $163.89, they are just $30 a share away from making Apple the first U.S. company to cross the $1 trillion threshold in terms of market capitalization.”

“That would put Apple’s size slightly less than the gross domestic product of Mexico but among the top 20 economies worldwide,” Cheng reports. “It is the second straight day the stock hit a record — and the 29th time this year — as anticipation builds for the iPhone 8, which is expected to be introduced this fall.”

“Apple shares would only need to rise another 18 percent from this level to achieve that milestone, based on calculations using FactSet data,” Cheng reports. “Apple has 5.17 billion shares outstanding and could reach the $1 trillion-dollar market cap level if its shares rose to $193.61.”

“In 11 previous iPhone announcements, Apple shares have climbed a median of nearly 27 percent in the time period between two weeks before each announcement to six months later, according to Kensho, a data analytics tool used by hedge funds,” Cheng reports. “‘It continues to be a bet on the iPhone, with a great deal riding on how well the iPhone 8 does,” Aswath Damodaran, a professor of corporate finance and valuation at New York University’s Stern School of Business, told CNBC in an email. ‘If it does well, I think [Apple] will make the trillion dollar market cap,’ he said. ‘If the iPhone 8 does badly, all bets are off.'”

Read more in the full article here.

MacDailyNews Take:

My favorite things in life don’t cost any money. It’s really clear that the most precious resource we all have is time. – Steve Jobs, 1985

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