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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