For a long time, Apple stock was predictable in the way that 1980s Mike Tyson was predictable: steamrolling through challengers as it firmly held onto its status as all-conquering champion.
That changed last year as Apple’s market cap fell behind Amazon, Google, and even old rival Microsoft. But yesterday, for a few moments, it climbed back to the top of the mountain as the world’s most valuable company once again. For a blink-and-you’ll-miss-it moment, that is!
For a few brief seconds, Apple’s total market cap stood at $806.6 billion, beating Microsoft by $200 million and Amazon by $1.2 billion. By the end of the day, Microsoft had taken the lead once again, but Apple was still nipping at its heels in second position.
Race back to the top
At time of writing, Apple’s market cap stands at $809.97 billion. Microsoft is ahead, with a market cap of $811.259 billion. Amazon, meanwhile, is $802.28 billion. And Google is $790.22 billion. In other words, look for the order to continue to fluctuate as seemingly small rises and dips in the value of each stock cause their overall market value to shoot up and down the scoreboard.
Apple is currently trading at $171.25. That’s up considerably from the company’s low point of $142 in January, after Tim Cook issued revised guidance based on weak iPhone sales. Although it’s also down from the high of $232.07 back in early October, following Apple reaching the vaunted $1 trillion valuation, it seems things are looking a bit rosier for the Cupertino company.
Will there be any more unexpected twists in trading today? We’ll have to wait and see. It looks like those analysts who’ve recently suggested that Apple was a bargain were onto something, though!
Source: Stocknews
