Apple Reclaims its Crown as World's Most Profitable Company
Shares of Apple are on the move and moving to the upside again today. Shortly after noon on Wall Street this afternnon, AAPL was trading north of $455 as the Cupertino, California-based iDevice maker continues to win back the affections of investors whose passion for Apple was likely re-kindled after the company's most recent earnings report.
All told, July was a good month for AAPL. Apple's stock popped 14% in July, even though the company still has a long way to go before AAPL can fully retrace its way all the way back to more than $700. Nonetheless, as of this writing, Apple’s market cap is $414 billion, making it once again the world’s largest company by market capitalization.
Back to the #2 spot is Exxon Mobil Corp., which is still taking its lumps after a disappointing earnings report. No one should shed a tear for Exxon, however. It's market cap is still $409 billion.
"Apple was last up 0.7% after Jefferies lifted its price target to $450 from $405," Victor Reklaitis of MarketWatch wrote late this morning. "The Tell reported in April how Exxon had captured the market-cap crown thanks to Apple’s fall from grace. But Apple now appears to have found a bottom and recovered, as the folks at Bespoke Investment Group have noted."