February 13, 2012
Apple’s Stock Price Breaks $500 Barrier
Apple shares broke $500 for the first time on Monday morning, jumping 25 percent in about six months.
The stock opened at $499.53 at the beginning of trading, but immediately jumped to $501 and continued to stay above $500.
The stock price has kept climbing ever since Apple announced record earnings for the first fiscal quarter of 2012.
In just under three weeks, Apple's stock price has risen over $75 per share, or nearly 18 percent.
Apple is considered to be the most valuable publicly traded company in the world, with Exxon Mobil coming in at a distant second.
The company is still far from earning the title of "most valuable publicly traded company ever," which Microsoft claimed in September 2000.
Despite Microsoft's success, Apple is now worth more than the company Bill Gates founded, as well as its smartphone software rival Google.
The company announced in January that it had surpassed $40 billion in revenue, and sold as many as 37 million iPhones and 15 million iPads last quarter.
The expectations initially set out by analysts pegged Apple at earning under $40 billion in revenue and selling just 30 million iPhones.
Apple is expected to announce the new iPad 3 sometime in February, with rumors saying it will launch in the first week or two of March.
This time frame will coincide with last year's iPad 2 launch, which saw the device hit stores on March 11.
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