Apple Inc. (NASDAQ:AAPL)’s market capitalization is now back on top again after it dropped below that of Exxon Mobil Corporation (NYSE:XOM), and it might be there to stay for a bit longer than it has lately. CNN Money reports that as of midday Monday, Apple’s market cap became higher than that of Exxon.
Last month, Exxon Mobil Corporation (NYSE:XOM) passed Apple to become the most valuable company again as Apple’s stock fell. In March, the tech giant’s market cap dipped below $400 billion, and in January, Exxon passed the iPhone maker again in terms of market cap, although Apple Inc. (NASDAQ:AAPL) took the crown back again the following day.
Apple Inc. (AAPL)’s Market Cap: Is This Time Different?
Although Exxon Mobil Corporation (NYSE:XOM) has been trading places with the tech company throughout the first four months of the year, CNN Money’s Philip Elmer-DeWitt reports that Apple Inc. (NASDAQ:AAPL) may now be pulling away from Exxon Mobil. Apple’s market cap topped $434 billion, while Exxon’s was over 400 billion. As DeWitt puts it, the difference between the valuations of the two companies is “roughly one and a quarter Dells.”
As of this writing, shares of Apple Inc. (NASDAQ:AAPL) were continuing their rally, rising as much as 2.58 percent by late Monday afternoon. Analysts at Barclays increased their price target for the company’s stock over the weekend, and their view may be just one of many who end up becoming more positive on Apple.
Apple Inc. (NASDAQ:AAPL) was one of the top gainers on the markets. Shares led the NASDAQ Composite index and pushed the S&P 500 up on Monday.
The tech giant also cracked the Fortune 10 this year, leaping into sixth place in the Fortune 500. It was ranked 17 in last year’s list.