Breaking News: Apple is now World's Most Valuable Company

By Gadjo Cardenas Sevilla

Apple Inc. has just surpassed Exxon Mobil Corp. to become the world's most valuable company. A result of the recent tumult in the financial markets with the value of oil fluctuating in the wake of the current economic tailspin.

The Cupertino Califronia based maker of Mac computers and iOS devices blazed past long standing oil behemoth by 1 billion dollars as of Tuesday afternoon.

Apple Inc.’s stock gained 3.2 per cent to $364.60 on Tuesday afternoon, Apple's market capitalization to about $338.0 billion, we learned from a report on the Toronto Star.

The Star explained that, Exxon Mobil Corp. shares, meanwhile, were trading at $69.45, down nearly 1 per cent. That gives the oil company a market cap of $337.7 billion.

Apple has enjoyed profit from strong sales of its iPhone and iPad devices as well as from its Mac notebooks and desktops.

Expected to release an updated version of the successful iPhone in September, this month also saw Apple release OS X Lion, the latest operating system and also become the world's number one smartphone vendor as it ousted long-time leader Nokia from the top spot.

Sources: TechCrunch

             Toronto Star

Update on Wednesday, August 10, 2011 at 7:58AM by Gadjo Cardenas Sevilla

That didn't last long, big oil took back the top spot a few hours later.

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