Apple becomes first U.S. company in history with $700B market cap after shares close at record high
Shares of Apple reached a new all-time high on Tuesday, closing at $122.02 per share, with a record breaking market capitalization level of $710.74 billion -- the largest closing value ever for any U.S. company.
AAPL stock finished the day up nearly 2 percent up from their opening price of $120.26. Apple's closing price represents its highest ever, and is just below its intraday high of $122.15, also reached on Tuesday.
With a market cap of $710.74 billion, Apple is worth more than twice that of the market valuation of Microsoft ($349.48 billion), and nearly twice that of Google ($365.21 billion).
Apple previously reached the $700 billion market cap threshold last November in intraday trading.
Shares of Apple have moved higher since the company reported a blockbuster holiday quarter in late January. Led by record smashing sales of 74.5 million iPhones, Apple earned $18 billion in profit.
Apple's recent gains have forced analysts on Wall Street to revise their estimates and raise price targets higher. Following its December earnings report, many on Wall Street were predicting that Apple will trade at $130 or higher in the next year.
But if the most recent gains stick, it's likely that many of those forecasts will go higher yet again, as the $130 price range continues to get closer.
The most lofty projection for shares of AAPL comes from billionaire activist investor Carl Icahn, who set a price target of $203 last fall. Icahn said last month that he will revisit his estimates and potentially increase them, as he believes Apple is a "no-brainer" investment.
AAPL stock finished the day up nearly 2 percent up from their opening price of $120.26. Apple's closing price represents its highest ever, and is just below its intraday high of $122.15, also reached on Tuesday.
With a market cap of $710.74 billion, Apple is worth more than twice that of the market valuation of Microsoft ($349.48 billion), and nearly twice that of Google ($365.21 billion).
Apple previously reached the $700 billion market cap threshold last November in intraday trading.
Shares of Apple have moved higher since the company reported a blockbuster holiday quarter in late January. Led by record smashing sales of 74.5 million iPhones, Apple earned $18 billion in profit.
Apple's recent gains have forced analysts on Wall Street to revise their estimates and raise price targets higher. Following its December earnings report, many on Wall Street were predicting that Apple will trade at $130 or higher in the next year.
But if the most recent gains stick, it's likely that many of those forecasts will go higher yet again, as the $130 price range continues to get closer.
The most lofty projection for shares of AAPL comes from billionaire activist investor Carl Icahn, who set a price target of $203 last fall. Icahn said last month that he will revisit his estimates and potentially increase them, as he believes Apple is a "no-brainer" investment.
Comments
Steve Jobs is dead. Tim Cook is gay. Surely Apple will fail at any moment¡
It was a really nice day. Bought in at $93.
LOL ... that same /s tag you use gets me every time. I can't see the damn thing unless I squint.
Saying ... "Look what Apple managed despite Wall Street."
This just in. Apple buys Stark Industries in mega merger deal. Tony Stark to be joining Tim Cook’s management team as co-ceo. Pepper Potts elevated to VP, Global Operations. Jony Ive stays put. First product to be Iron Man suit controlled by Siri. Jarvis gets golden parachute retirement package. Put that in your pipe and smoke it Elon Musk!
This just in. Apple buys Stark Industries in mega merger deal. Tony Stark to be joining Tim Cook’s management team as co-ceo. Pepper Potts elevated to VP, Global Operations. Jony Ive stays put. First product to be Iron Man suit controlled by Siri. Jarvis gets golden parachute retirement package. Put that in your pipe and smoke it Elon Musk!
Put down the comic book...
WS still doesn't understand Apple and this accomplishment is with mindshare, revenue, profits, profit margins, excessive cash holdings, and, most importantly, future potential, that if applied to any other company would push them well beyond the laughable P/E we see with Apple.
I don't recall anyone saying Wall Street hates Apple, it's the damn analysts that talk down Apple like it's going bust from one prognostication to the next. Reading such story headlines, such as this one, give me such a warm feeling I need to check that I haven't pissed myself. I always root for the little garage start-ups.
Is this the same Wall Street from spring/summer 2012? If Xiaomi announces they're going to start selling in the US does Wall Street run from Apple like they did when Samsung was The Next Big Thing™?
Only $150B or so more and Apple will take over Microsoft at its peak.
Apple already exceeded Microsoft's peak. Hence the title, first company to reach $700 billion.
Apple already exceeded Microsoft's peak. Hence the title, first company to reach $700 billion.
Adjusted for inflation, MS still wins.
Where did you get that info?
The only milestone for valuation I see if overtaking Saudi Aramco's $781 billion from a 2006 figure, but it's state owned so there isn't public info to be compared.
Only $150B or so more and Apple will take over Microsoft at its peak.
You mean Microsoft’s “adjusted for inflation” peak. Don’t talk theoretical numbers. It’s real peak was $616.3 billion in December of 1999. Just more smoke and mirrors to denigrate Apple’s achievement. We ain’t c|net here.
Adjusted for inflation, MS still wins.
Anything to throw cold water on Apple’s achievement, make it appear Apple is a loser. Typical.
Those factors and its supply chain.
Past time for Apple to give any shareholder who owned AAPL prior to 2008 a free iPad. ;-)
Thuper!! Timmy is gonna get thum tonight!