Apple briefly passes Exxon as most valuable co.
(AP) -- Apple briefly surpassed Exxon as the most valuable U.S. company after an excellent quarter, though the oil company has regained the lead at the market's close.
Apple's stock rose as much as 8 percent, while Exxon's fell as much as 2 percent during trading Wednesday.
Apple said Tuesday that net income in its latest quarter more than doubled, while revenue grew 73 percent.
Cupertino, Calif.-based Apple first topped Exxon in August, then fell back to second place. Irving, Texas-based Exxon had held the top spot since 2005.
Apple overtook Microsoft Corp., now in the No. 3 slot, in 2010.
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