Apple breaks through $700-billion mark

NEW YORK: Apple, already the world’s largest company by market capitalisation, hit a new record value: $700 billion. Shares of the iPhone maker rose 0.8% to $119.59 at 9:35 am in New York on Monday, giving it avaluation of more than $701 billion, a milestone that no other US company has ever reached.

That puts Apple at 1.7 times the capitalisation of the world’s second-biggest company, Exxon Mobil. Exxon, which has lost about $43 billion during the five-month oil rout, has a capitalisation of $405 billion.

Confidence in Apple has been growing since the company unveiled larger-screened iPhones in September, followed by slimmer and faster iPads in October. CEO Tim Cook is updating Apple’s core products while also pushing users deeper into the company’s digital world.

“Given Apple’s significant portfolio refresh over the past three months, the lack of innovation from competitors and a constructive spending backdrop in the US market, we believe Apple has opportunity to shine bright this holiday season,” Brian White, an analyst at Cantor Fitzgerald, said November 24 in a note to investors. Apple is up 48% this year, heading for its sixth straight annual gain.