Apple market value hits $700 bn

A rise in Apple shares Tuesday pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.

Apple shares rose nearly one percent in morning trade to $119.75 at 1525 GMT, making its some $701.7 billion. The shares were fluctuating in a narrow range later.

The maker of the iPhone and iPad is by far the world's most valuable company by stock , well ahead of Exxon Mobil at $403 billion and Microsoft at $394 billion.

Investors and analysts were upbeat on Apple at the start of the holiday shopping season, expecting during the gift-giving period that kicks off in the US with Thursday's Thanksgiving holiday.

"We believe the stars are well aligned for Apple to shine bright this holiday season," said Brian White at Cantor Fitzgerald in a research note, adding that he expects to see heavy demand for the new iPhone models and a refreshed lineup of iPads.

Apple has also launched its new mobile payment system that allows consumers to purchase goods at some merchants with a tap of the iPhone, and is working on a smartwatch for release in 2015.


Explore further

Apple shares drop 20 percent from peak

© 2014 AFP

Citation: Apple market value hits $700 bn (2014, November 25) retrieved 20 September 2019 from https://phys.org/news/2014-11-apple-bn.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments

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