For a “brief moment, around a quarter of 1 pm, Eastern, Apple (AAPL) was the richest stock in the world, toppling Exxon Mobil (XOM) with a market cap of about $341 billion, as Exxon began to break down,” Tiernan Ray reports for Barron’s.
“Apple rose to a high of $369.89, giving it a market cap of $342.8 billion, with 927 million shares outstanding,” Ray reports. “Exxon rose fell as low as $68.78, reducing it to a market cap as low as $334.41 billion. Somewhere around $340 billion, the two crossed over.”
It’s all “rather remarkable considering that when CEO Steve Jobs returned to Apple in August of 1997, and soon after was named ‘interim CEO,’ the company had about 128 million shares of common stock outstanding, which were trading then in the neighborhood of $5 to $6 per share, between $600 million and $800 million in market capitalization,” Ray reports. “Considering that Apple is down 10% from a recent 52-week high of $404.50, it’s certainly quite conceivable that the two could trade places again in short order.”
Read more in the full article here.
MacDailyNews Take: Congrats, Apple!
What I can’t figure out is why he [Steve Jobs] is even trying [to be the CEO of Apple]? He knows he can’t win. – Bill Gates, June 1998
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As a long time Mac user, this is fun to watch, and certainly will turn some heads when it rolls on the evening news. In the grand scheme of things it doesn’t mean a whole lot.
The only thing that matters is Apple’s ability to continue to innovate with creative disruption, and their profit margins.
That being said i think this market cap still has a long way to go.
right on Macromancer!
Congrats AAPL.
For a “brief moment, around a quarter of 1 pm,
I’m waiting for the gap to widen and stay widened, before I celebrate.
Apple’s capitalization in 1997 was about $2-4 billion, not $$600-800 million.
And Apple certainly had more shares in 1997 than cited in the article. They had two 2-1 slits between then and now, so go figure more sane number.
May Steve Ballmer remain CEO as long as it takes! Well crap, Apple is crushing Microsoft (and every other company on the planet) by every meaningful metric. Maybe we should say “may Steve Ballmer remain CEO longer that it took?”
Here’s to the crazy ones that believed in Apple when others dismissed the company as dead in the water.
At long last, vindication!
.:.
that would be me since 1995.
Likewise since 1989, 2 x Mac SE’s, 1 x IICX, used in my small manufacturing co.
Was worried in mid 90’s but kept the faith, never looked back since. Onwards and upwards.
Me since 1978 with Apple 2,
I can proudly say that I’m 40 years old and have only used a PC for a combined total of maybe 3minutes. It was the worst 3 minutes of my life.
Me at university 1984 buying at Apple student prices the original 128K Mac (soon after to be upgraded to a 512K Mac).
Since 1983, when I touched the Apple II+ for the first time…
Very interesting, especially considering that many Verizon users are holding off buying an iPhone until the iPhone 5 comes out, and the iPad is just catching up to demand.
The other interesting aspect of this is that Exxon Mobile really doesn’t have any way to innovate/change – basically finding new petroleum sources is about it. While Apple can morph and change as technology changes (or as Apple causes technology changes).
Exxon Mobile hasn’t made a significant find in decades. The get bigger by swallowing up small and medium sized oil companies.
Amazing performance!
Particularly when various pundits have continually predicted the demise of Apple ever since its launch.
As for Michael Dell, did he ever retract his SIDAGTMBTTS comment?
Congrats to Apple, Mr. Jobs and the best crew in business. Well done!
Ditto!
Well I think champagne would be appropriate..
Here’s to ya Steve!
This is the reason why I love this guy. Steve Ballmer!!! Long may he remain as CEO of Microsoft!!!
The horrors of marketing-speak, from a Marketing-As-Management moron.
It’s sad that the most attractive thing about Ballmer is the blob of chocolate on his chin.
That’s not chocolate…..
I would hate to be deprived of more moments like that one; thanks for posting!
The difference in the respective market caps of these two companies was 47 billion on July 25th. Exxon has had a major spill.
A well deserved ‘spill’. Darn, no one to clean up after them.
And here is todays final market cap score:
Exxon Mobil 352.90B
Apple 346.74B
Wow!
wow! That was a whole lot faster than I thought. I thought for sure it was going to take a couple more earnings cycles.
Silver lining in a clusterpwn of a market.
A toast to us, fanbois & fanngyrlz, for keeping the faith in our good taste and discerning insight! May the best company succeed in creating the future and all others rot in their self-loathing! May Apple be Apple forever! May innovation and customer respect overthrow the biznizz world and engender a thriving new computer community of benefit and joy to all! Amen & cheers!
:-Derek
Hear! Hear!
Watching Uncle Fester never gets old! Such denial is fun to watch. Really believes his own zune!
Go Apple!
User since SE/20
Congrats! and Get Well Steve!
Apple: Kicking Ass and Taking Names.
Yep! Yeah! Hooray 4 Apple 🙂
This is still only the beginning of a beautiful 401k friendship 🙂
U have seen this here B4:
2011 = $422
2012 = $523
2013 = $624
2014 = $725
2015 = $828 Best Buy Now 🙂
I tole you so, didn’t I?
Hey! Mine’s bigger than yours.
I’ll bet this still won’t gain Apple any respect on Wall Street. The pundits will still continue to point out all the flaws that Apple has and how it’s cheating shareholders blind. As a shareholder, I’m not interested in who’s leading in terms of market cap. I wouldn’t care if Apple was fifth or fifteenth in market cap as long as my shares are worth about $450. That’s what matters most to me. The media is going to seriously downplay Apple leading in market cap by saying that ExxonMobil is losing value and Apple is merely in the lead by default.
I do want to congratulate all you fellow shareholders in savoring this minor victory, but our focus should be on Apple at $500 and not giving a damn about ExxonMobil, Microsoft, Amazon or Netflix. Apple needs to continue pounding the crap out of the tech and media industries and shut up all the disbelieving naysayers, especially those jackass fund managers who use and abuse Apple stock as their personal piggybank.
I just kinda want to point out that your logic, while I understand it comes from the right place, is kinda flawed.
You SHOULD care where Apple is ranked as far as market cap, because at this point if they are ranked 5th or 15th, that would probably mean their share price has gone down.
This triumph on Apple’s part is largely ceremonial anyway. If anything I think it could help change mindshare among people who still cling to the old tired notions that Apple is a dying company and is going out of business.
If you don’t think those people exist, let me tell you, they do. Old mindsets are hard to change. news like this is one way to change it.
This news, although many here expected it, is really rather astounding.
I expected it, and I’m astounded!
It’s great to be a shareholder of the most valuable company in the world!
Thank you…Thank you…I’d just like to….Thank you…(steps back, hand clasped behind back, bowing graciously, single hand wave in the air, throws a gracious kiss with the hand, steps back to podium) Thankyou…Oh…This is…this (applause finally dies off) Thank you…….I’d just like to say…….SUCK A DONKEY !@#$ MICHAEL DELL!!!!!!!!!!!!!!!!!!!!!!
..and at the close, XOM is slightly ahead. I expect that Apple will be $10B or more ahead by the end of the week.
-jcr
But…but… it’s all just a rounding error. Isn’t it?