“Amazon has eclipsed Microsoft as the most valuable publicly traded company in the U.S. as a see-sawing stock market continues to reshuffle corporate America’s pecking order,” The Associated Press reports.
“The shift occurred Monday after Amazon’s shares rose 3 percent to close at $1,629.51 and lifted the e-commerce leader’s market value to $797 billion,” AP reports. “Meanwhile, Microsoft’s stock edged up by less than 1 percent to finish at $102.06, leaving the computer software maker’s value at $784 billion. It marks the first time Amazon has held the top spot and ends Microsoft’s brief return to the pinnacle after it surpassed Apple in late November.”
Amazon “remains 21 percent below its high reached in September when the company’s stock value stood above $1 trillion,” AP reports. “Apple was worth even more back then, but its stock has plunged by 37 percent since early October to erase about $400 billion of its market value.”
Read more in the full article here.
MacDailyNews Take: Congratulations to Amazon and Jeff Bezos. It’s much more realistic that Amazon could be America’s most valuable company than has-been Microsoft.