Apple Back On Top Around Wall Street
Michael Harper for redOrbit.com – Your Universe Online
It’s finally happened: Apple has taken their title as the most valuable company in the world.
Last week Apple’s stock began to return to its previous spring highs, driven by the anticipation and rumors of a new iPhone, smaller iPad and talks between Apple and a few, select cable companies.
Now, as their stock tops $660 a share, Apple has become the most valuable company in history, beating out the likes of Exxon Mobil. Apple’s market value was calculated today during intraday trading and was found to be a whopping $623 billion. Previously, long-time rival Microsoft had held the market value record, coming in at $618.9 billion on December 30, 1999, according to CNN.
So far today, Apple’s shares have hit a record high of roughly $662 per share.
Apple’s market share is now $200 billion greater than the world’s second biggest company, Exxon Mobil, which comes in at $405 billion. According to the Wall Street Journal, Microsoft, Wal-Mart and IBM conclude the top 5 companies.
Now, analysts are back on the Apple bandwagon after their 5 month slump, saying the company could continue to become even more valuable, with their stock reaching as high as $745.80, according to a poll of 38 analysts conducted by FactSet.
Though Apple has yet to make any specific announcements, many believe the company could have a few tricks up its sleeve for the rest of the year, causing many investors to “buy on the rumors.” If the old saying holds true, we should see a slight dip in stock prices once these investors “sell on the news” in attempts to pull a profit.
One such announcement could take place on September 12, where many Analysts and Apple watchers expect the company to announce not only a new version of their incredibly popular iPhone, but possibly a newer, smaller version of their popular iPad as well.
The next iPhone is expected to feature a new, larger display (4-inches) on top of a longer, slimmer body. The new iPhone could also feature 4G LTE radios, a feature held by many of Apple’s competitors. The rumored iPad “Mini” is expected to come in at nearly 8 inches, a possible move to shut out the competition from other tablet manufacturers— namely Amazon and Google— who are focusing on smaller, 7-inch tablets. While details and speculations about this rumored device aren’t as clear as those for the next iPhone, many expect this new tablet to ship at a sub-$299 price point. As such, this tablet could prove lethal to the rest of the smaller tablet market.
Last week, the Wall Street Journal ran a story revealing that Apple and a few cable companies, specifically Time Warner Cable, could be in talks to provide an Apple TV unit as a standalone, set top box with which to stream live television. In addition to using a device similar to the existing Apple TV square unit, these new rumors could include a full-blown, standalone TV set which has been rumored for years.
Earlier this year, many had come to expect Apple to release such a TV by the end of this year, recalling some of the last words by Apple’s late CEO and co-founder Steve Jobs.
Presently, it seems as if the next iPhone and iPad “Mini” might be the most credible rumors of the three and more likely to come to fruition this year. However, armed with what could be yet another best-selling smartphone and an industry dominating tablet, Apple shows no sign of slowing down.