Exxon

We’re not sure exactly what caused today’s spike, but Apple stock had a huge day ending up 2.8% at $411.65 a share for a Market Cap of $381.62B against a down market. It had reached as high as $413.23 from a morning low of $395.20. Notably, Apple is now worth over $23B more than Exxon and is approaching the combined value of Microsoft and Google.

Apple passed Exxon today to become the most valuable company on earth.  The excitemnt only lasted a few hours until the market rally at the end of the day put Exxon back on top, however.  But, that didn’t stop people wondering: What’s next for Apple?

Enter Robert Cyran, Columnist for Reuters, who doesn’t understand why Apple isn’t headed straight towards being the first $1Trillion company.

Apple’s sales have been surging 80 percent a year, and its profit faster. What’s more, it trades roughly in line with the growing stock market — and at less than half the price-to-earnings multiple it fetched in 2006, when revenue growth was much slower. Apple now trades at about 11 times estimated earnings for the fiscal year ending September 2012. The Standard & Poor’s 500-stock index is valued at about 10 times next year’s profit. But Apple’s sales growth is nearly 10 times faster than that of the average company. Apple also holds $76 billion of cash and investments.

So, what’s the deal? Apple, if put on the same P/E multiple it traded on in 2006, would be worth $900 billion.

And who has brighter prospects than Apple right now?
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Apple just passed Exxon in Market Cap to become the world’s most valuable company. Quite a turnaround for a company that was on its last legs just over a decade ago.  AAPL passed the 400 mark last month on the back of monster earnings news but fell sharply as the US market plummeted over the last week.  Luckily for Apple, it didn’t fall nearly as sharply as Exxon, in the face of lowered oil costs.

The markets are still open and volatile today but at this moment, 1:19PM EDT, Apple’s market cap is at $341.53B while Exxon Mobile’s is at $341.51B.

Congratulations Apple!

Update 2:00EDT: Apple is now on top by over $1B (image below)

Update2 4PM ET. AAPL closed at $346.74B, Exxon rallied at the end of the day to $348.32B

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Apple briefly hit 400 during after hours trading following the blowout earning release last week, but then fell into the 380s for the open the following day. Since then, it has been on a swift rise back up to 400 where it briefly hit at 12:54 ET today. It has fallen slightly since.

Apple’s market cap is nearing $370B, second only to Exxon who is currently near $410B. (thanks York!)

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Apple remains the world’s most valuable company (after Exxon) with a market cap that this morning exceeded $300 billion, reports declare. On active trade on the Dow Apple (AAPL) rose $7 to hit a new record intraday high this morning — right now Apple stock sits near $330 per share for a market cap of over $302 billion.
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