Apple tops PetroChina in market capitalization

Sep 24, 2010
Apple, maker of the Macintosh computer, the iPod, iPhone and iPad, surpassed Chinese oil giant PetroChina during trading on Thursday to become the world's second-largest company in terms of market value.

Apple, maker of the Macintosh computer, the iPod, iPhone and iPad, surpassed Chinese oil giant PetroChina during trading on Thursday to become the world's second-largest company in terms of market value.

Apple shares hit a record 292.76 dollars during trading on Wall Street, giving the California gadget-maker a of 266 billion dollars, more than PetroChina's 265 billion dollars.

Apple shares eventually closed at 288.92 dollars, putting PetroChina back on top at the end of the day.

ExxonMobile is the largest company in the world with a market capitalization -- the number of shares outstanding multiplied by the stock price -- of 310 billion dollars.

Apple passed Microsoft in market capitalization in May to become the world's top technology company.

Analyst Gene Munster of PiperJaffray, meanwhile, raised his estimate for the number of iPads expected to be sold by Apple next year to 21 million units from 14.5 million units.

"We believe the represents a meaningful product category for Apple as a secondary computing device for those who already have a primary computer, a primary device for those who could not previously afford a Mac, and the first Apple product that will be a success in the enterprise," he said.

"We see the iPad as the Mac for the masses," Munster said.

Apple stock has risen steadily over the past few years as chief executive , who returned to in 1997, piloted the release of a string of hit products starting with the iPod in 2001, followed by the in 2007 and the iPad this year.

Explore further: Android grabs 85% of smartphone market: survey

add to favorites email to friend print save as pdf

Related Stories

Over 300,000 iPads sold on first day: Apple

Apr 05, 2010

Apple said Monday it sold more than 300,000 iPads in the United States on its first day of availability, a figure in line with predictions of some analysts but fewer than others expected.

Apple shares slide on iPhone problems

Jul 13, 2010

Apple shares were down sharply on Tuesday after Consumer Reports panned the new iPhone because of reception problems and rumors swirled about a possible recall.

Apple up sharply on tablet computer reports

Dec 24, 2009

Apple Inc. shares hit a record high on Wall Street on Thursday following reports that the California company may unveil a long-awaited portable tablet computer next month.

Recommended for you

Android grabs 85% of smartphone market

12 hours ago

Smartphones powered by the Android operating system captured 85 percent of the worldwide market in the second quarter, threatening to marginalize rival platforms, a new survey shows.

Chinese man brings gay conversion therapy lawsuit

17 hours ago

(AP)—A gay Chinese man said Thursday he was suing a psychological clinic for carrying out electric shocks intended to turn him straight, as well as the search engine giant Baidu for advertising the center.

Alcatel loss narrows in 2Q but revenue stagnates

18 hours ago

(AP)—Telecommunications equipment company Alcatel-Lucent SA says its net loss narrowed in the second quarter thanks to lower accounting charges, while revenue stagnated and restructuring charges mounted.

User comments : 0