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Exxonmobile watch out--In the race for the United State’s most valuable company, Apple hit a huge landmark. MSNBC reports...
“Apple briefly surpassed Exxon Mobil on Tuesday as the nation's most valuable company.
The iPhone and iPad maker had the lead for much of the afternoon before its stock closed just behind Exxon's.”
ipads and iphones as much as gas? The Wall Street Journal says the end of Exxon’s 5-year run as number one is all about two things--cost and competition.
“They’re just in a different market first of all and there’s this whole thing on the other side involving costs and going out and finding the oil...And there are several companies that drill oil--there’s only one that makes Apple products.”
So who gets the credit for those products?--well SF Gate says the milestone is a bit of a victory lap for Apple CEO Steve Jobs.
“When he returned to the company...it had run up $1.86 billion in losses over two years. Apple was 90 days away from bankruptcy, Jobs would later say. He engineered the company's comeback by honing Apple's industrial design, tightly integrating software with hardware, and pushing into new markets, such as phones, music and tablets."
But not so fast--According to The Sydney Morning Herald, Apple hasn’t exactly won the race just yet. They say the recent debt ceiling crisis is a factor.
“Exxon quickly regained the No. 1 spot as its shares rose and Apple's shed some of their gains, with stocks globally remaining volatile because of soft economic data and the downgrading of the United States' sovereign credit on Friday...”
Exxon’s current market cap is just over $350 billion followed closely by Apple’s $346 billion.
Transcript by Newsy.
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