Apple Becomes Most Valuable Company in World, Briefly
It overtakes Exxon for No. 1 spot before falling back again
By Matt Cantor, Newser User
Posted Aug 9, 2011 4:11 PM CDT
Apple CEO Steve Jobs waves as he delivers the keynote address at the 2011 Apple World Wide Developers Conference on June 6, 2011 in San Francisco, California.   (Getty Images)

(Newser) – For the first time since 2005, ExxonMobil found itself only the second-most valuable company in world: Apple briefly took the No. 1 spot today before relinquishing it. Analysts think a more permanent changing of the guard will happen soon, however. At one point today, Apple's market capitalization reached $347.3 billion, moving it ahead of Exxon, reports Bloomberg. By the end of trading, however, Exxon had $348.3 billion to Apple's $346.7 billion.

Whereas Exxon’s growth depends on oil prices and new oil finds, the AP notes, Apple has no such limitations; if it can keep coming up with great-selling products, investors reason, it can keep expanding.

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Showing 3 of 4 comments
MisterPlinkett
Aug 10, 2011 1:00 AM CDT
what great ideas? overpriced computers? cell phones? mp3 players? it's all been done before (and better).
brawne
Aug 9, 2011 9:57 PM CDT
I own their stock--I don't take their communion. I don't think that they have one beyond seeing a few months into the future. They will buy Barnes and Noble. That's my prediction and do with books what they did with songs. Hey--people still buy CD's so it's not so weird. There will always be books just like realism in paintings wasn't destroyed by the invention of the camera. Where do you think Picasso came from. He could paint just like Rembrant but when a camera appeared it seemed the need of a painting of grandma wasn't so important and he changed the way you just accept change. It's 2011 and realism is alive and well. Just like everything will be around a hundred years from now. We just add something. And people today who think Apple is some weird thing that people worship out of stupidity just weren't alive in 1982 to buy one back when PC's were still things filling a room. PC's are for work and Apple is for living.
finkster
Aug 9, 2011 4:27 PM CDT
Who said religion is dying? There is the religion of Apple.....hallelujah Mac Heads....hallelujah!!!!