“Apple Inc’s market value climbed past $623 billion on Monday, surpassing the record set by Microsoft Corp during the heyday of technology stocks in 1999,” Edward Krudy reports for Reuters. “Apple shares rose 2.6 percent, bringing its gains this month to almost 9 percent as Wall Street bets on the September 12 rollout of the latest version of the iPhone, the device that revolutionized the mobile industry.”
“Sources have said the company will take the wraps off a larger version of its iPhone on September 12. Some analysts also think it intends to announce a smaller iPad to safeguard its market share, as rivals from Google Inc to Amazon.com Inc begin selling cheaper, seven-inch tablets,” Krudy reports. “Apple’s shares have risen 64 percent in 2012. On Monday, they closed at a session high of $665.15, conferring on the Silicon Valley giant a capitalization of $623.5 billion, exceeding Microsoft’s 1999 value of $620.8 billion, according to data provided by S&P Dow Jones Indices.”
Krudy reports, “But Microsoft’s value would rise to $853.7 billion after adjusting for rising prices, according to the Bureau of Labor Statistics’ inflation-calculator. Apple overtook Exxon Mobil to reach the No. 1 spot by market capitalization last year. Monday’s move means it has now entered the record books as the biggest company ever, in terms of market value.
Read more in the full article here.
[Thanks to MacDailyNews Reader “Julia” for the heads up.]