Apple’s Stock Breaks $500 Level
Apple’s stock hit $500 for the first time in the company’s history on Monday, once again proving its worth as the most valuable company in the world.
The shares hit $503.83 soon after opening before dropping to $502.60 in after-hours trading. That was up more than $9, or 1.9 percent, from Friday’s closing price.
This is just part of a rally that started more than two weeks ago when the Cupertino-based company reported huge sales and profits for the holiday quarter.
Apple and Exxon Mobile have been vying for position as most valuable company in the world since last summer. But with the latest surge, Apple has jumped ahead with a market capitalization of $465 billion, making it 17 percent more valuable than the oil company.
Last month, Apple posted a net income of more than $13 billion, more than doubling its profit from the year before.
It could be another landmark year for the tech company as plans are already in the works to release a new iPhone and iPad. There has also been speculation that it will move into the TV market.
