With the iPad media event being official now, Apple stock soared to a new high, increasing its total market capitalization to nearly $500 billion. The Cupertino California company crossed the $535 mark in the afternoon, which was enough to push its market cap to more than $498 billion dollars. Apple stock closed the day by being up $9.65 or 1.84%. As a quick comparison, Exxon Mobile Corporation, which was around the same ballpark in terms of market cap for months was worth $411 billion as of Tuesday afternoon, which was nearly $90 billion less than Apple.
Earlier in the month, Apple blew past a market capitalization of $456 billion, which at the time was equal to the combined market cap of its major competitors, Microsoft and Google. Apple’s upward trend has continued since the company reported its best quarter ever (fourth quarter of 2011). In less than two years, Apple’s market value has more than doubled – a very impressive feat.
Although Apple’s stock hit a new record recently, many analysts continue to believe that it will go much higher as time goes on. Gene Munster of Piper Jaffray has maintained a price target of $670 and many other analysts continue to project prices relatively similar to that. Furthermore, Apple hit a half-trillion dollar mark in after-hours trading, pushing the stock price past its 52-week high.
Source: Google Finance
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