BRIEF: Exxon pumped at overtaking Apple as most valuable co.
Jan 26, 2013 (Boston Herald - McClatchy-Tribune Information Services via COMTEX) --
One year after Apple surpassed Exxon Mobil as the most valuable publicly traded U.S. company, the oil giant reclaimed its dominance of Wall Street.
Shares of Exxon Mobil inched up 0.4 percent yesterday to $91.73, boosting its market value to roughly $418 billion, while Apple shares hit a low of $435 before closing down 2.4 percent at $439.88, for a market value of about $413 billion.
Since shares hit a high of more than $700 last September, Apple's market capitalization has plunged by roughly $250 billion.
But Brian White, a senior analyst at Topeka Capital Markets in New York, said he wouldn't count the computer company out.
"What Apple's succumbing to is not having a phone for the lower tier of the market," White said. "But I still think they have a strong growth trajectory."
In the December quarter, there was a 90 percent growth in iPhone activations at AT&T and Verizon, versus a 2 percent growth in activations of other smartphones, White said.
What Apple needs to do, he said, is introduce a lower-priced smartphone and a long-awaited Apple TV, and reach a deal with China Mobile, the only major carrier in China that does not have a relationship with Apple to sell the iPhone.
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Distributed by MCT Information Services
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