Northern, WI 8/10/2011 (PennyPayDay) – Apple Inc. (AAPL) surpassed Exxon Mobil Corp. (XOM) to seize the title of world’s most valuable company, as investor confidence in high-tech growth prospects exceeded faith in the oil industry’s gushing profits.While both companies declined today, Exxon fell more, 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.
The showdown with Exxon follows Apple’s 14-year transformation from a personal-computer also-ran into a seller of everything from smartphones to digital music. Apple has already eclipsed Microsoft Corp. (MSFT), International Business Machines Corp. (IBM) and Intel Corp. (INTC), whose dominance of the technology industry in the 1990s helped nudge Apple to the fringes of the PC market.
“The Apple of today is different from the Apple of even a few years ago,” Shaw Wu, an analyst at Sterne Agee & Leach, said in an interview. “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.”
The shares have climbed 13 percent this year, fueled by sales of the iPad and iPhone, and a burgeoning business in China. Apple fell 2.3 percent to $363.69 at 4 p.m. New York time on the Nasdaq Stock Market. Shares of Irving, Texas-based Exxon declined 4.4 percent to $68.03 on the New York Stock Exchange.
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