Apple stock breaks $500 level, continuing rally

February 13, 2012 By PETER SVENSSON , AP Technology Writer

(AP) -- Apple's stock broke above $500 for the first time Monday. It was the latest step in a rally that began more than two weeks ago, when the company reported staggering sales and profits for the holiday quarter.

Apple Inc. has been trading the position as most valuable company in the world with Corp. since last summer, but the latest rally has made it 17 percent more valuable than the oil company. Its is now $465 billion, compared to Exxon's $400 billion.

On Jan. 24, Apple posted net income of $13.06 billion for the quarter that ended in December, more than doubling its profits from the year before. Sales were $46.3 billion, up 73 percent from a year ago.

Explore further: Apple passes Exxon as most valuable US company


Related Stories

Apple doubles iPhone sales in 1Q (Update)

January 24, 2012

The iPhone is taking over Apple. For the first time, the device that changed how people use mobile phones, accounts for more than half of the behemoth company's sales.

Apple shares soar, edges ExxonMobil in market cap

January 25, 2012

Apple shares soared on Wednesday following blockbuster quarterly earnings and the California gadget-maker leapfrogged over ExxonMobil to become the largest US company in terms of market value.

Apple juggernaut gets little investor respect

January 25, 2012

(AP) -- Apple is worth $415 billion, putting it neck and neck with Exxon Mobil as the world's most valuable company. But by standard Wall Street measures, its stock is a bargain.

Recommended for you

US ends bulk collection of phone data

November 30, 2015

The US government has halted its controversial program to collect vast troves of information from Americans' phone calls, a move prompted by the revelations of former intelligence analyst Edward Snowden.


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.