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Apples Top Exxon For The First Time

Bloomberg, Thursday, August 11, 2011 9:15 AM

Apple has topped Exxon Mobil Corp. as the world's most valuable company. High-tech growth prospects exceeded faith in the oil industry's gushing profits. Exxon fell more than Apple on Wednesday, leaving it with a market value of $330.8 billion, compared with $337.2 billion for Apple at the close of U.S. markets. Yesterday was the first time Apple passed Exxon in intraday trading.

In perhaps the greatest understatement since "We have a problem, Houston," Shaw Wu, an analyst at Sterne Agee & Leach, said in an interview "The Apple of today is different from the Apple of even a few years ago." You mean before, like, iPad and iPhone? "People who buy Apple tend to buy big and get your friends and family to do it as well. There's nothing else like that," he said.

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apple, electronics, technology

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