Despite some serious profit taking towards the end of the day, Apple ended the stock trading day as the newest member of a very exclusive club: Companies valued at over $500 billion.
Closing out the day at $542.44, an increase of 1.31% from yesterday, Apple’s market cap value hit a new high of $505.75 billion. They are only the sixth company to ever hit such lofty heights, with the others being, and the highest values they ever hit:
- Cicsco Systems – $538 billion in March 2000
- Exxon Mobil – $513 billion in July 2009
- General Electric – $581 billion in August 2000
- Intel – $503 billion in August 2000
- Microsoft – $604 billion in December 1999
None of these companies maintained these numbers for very long, so there is every chance that Apple will once again fall below that magical number. However, a recent survey of 35 analysts set an average price target of $592 a share which would place Apple at a market cap of $552 billion.
It’s been a long and weird road as of late for Apple and its stock, and with the iPad 3 set to be announced next week, it looks like it is only about to get stranger.