Apple Ends Exxon’s Five Year Reign as Most Valuable U.S. Company
Apple briefly took Exxon’s spot as the most valuable company in the United States on Tuesday ending Exxon’s five year reign, according to Reuters.
The move took place after days of volatile stock market action, as Apple’s market value rose to $341.5 billion inching past Exxon which was at $341.4 billion. The oil company’s annual revenue is four times that of Apple’s but despite that fact, Steve Job’s tech giant still managed to compete with them.
However, Apple did not hold the top spot for long as Exxon regained the number one spot shortly after. Exxon’s shares rose back up as Apple shed some gains leading them to take back the position they previously held.
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At 1:50 p.m. EDT Exxon’s market cap was $339.3 billion while Apple’s dipped to $338.8 billion according to Reuters.
This is huge news for Apple, a company which at one time faced major losses in profit before co-founder Steve Jobs returned to the company and revitalized it.
Jobs returned to Apple after they bought NeXT in 1996, another computer company he founded after leaving Apple the first time.
Apple joins other companies which have held the top spot in the S&P 500 including General Electric, General Motors, IBM, Microsoft Corp and AT&T, according to Standard and Poor’s Index Analytics.
With the iPhone 5, the most anticipated smart phone in history according to the recent buzz surrounding the device, set for a fall release, there may be even more rapid growth for the tech giant in the near future.
Apple’s market capitalization has risen by more than $20 billion since July 1, and it is felt by many commentators that the iPhone 5 will lead them into a monstrous second half in 2011.
And with Exxon’s market cap slipping $60 billion due to volatile crude oil prices, Apple has a good chance of becoming number one again.
