According to reports, Apple is now the most valuable company of all time by the measuring stick of stock price. The tech company’s stock recently rose 1.8 percent at $660, pushing Apple’s market capitalization up to $619 billion.
The previous historical record for top market cap belonged to Microsoft, whose market value topped out at $616.3 billion in December 1999, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Apple’s market cap is over $200 billion more than the second most valuable company Exxon Mobil with market capitalization at $405 billion, followed by Microsoft, Wal-Mart and IBM rounding out the top five.
Driving up the price are the anticipated announcements of the iPhone 5 and new iPad products. Jefferies has boosted its price target on Apple to $900 and two firms put $1,000 price targets on the company earlier in the year and predicted Apple’s market cap will top $1 trillion.
Source: Wall Street Journal