REPEAT & CORRECT: Alphabet's Market Cap Tops Apple's, Briefly
17 May 2016 - 5:31AM
Dow Jones News
By Paul Vigna
(Apple Inc. remained the largest U.S. company based on market
capitalization at the close of trading on Thursday, despite having
fallen behind Google's parent Alphabet Inc. during the trading day.
Alphabet, which closed Thursday with a market capitalization of
$494.79 billion, remained No. 2. "Alphabet Market Cap Tops Apple's,
Takes Mantle of Largest Company" on Thursday at 6 p.m. EDT
incorrectly said that Alphabet took the No. 1 spot as of Thursday's
close with a market cap of $494.86 billion because of erroneous
information from FactSet, the data provider. The article below
replaces the previous one.)
The torch was passed, for a moment.
Alphabet Inc.'s market cap briefly surpassed that of Apple Inc.
on Thursday to become the largest U.S. company based on market
capitalization.
By the close, however, Apple, with a market cap of $494.83
billion, edged out Google parent Alphabet, which closed Thursday
with a market capitalization of $494.79 billion.
Earlier this year, Alphabet surpassed Apple and held the
market-cap crown for a day.
Apple shares have dropped 16 of the past 20 sessions, a stretch
that included an 8-day losing streak that tied Apple's longest
since 1998.
Thursday was also the first time in more than two years that
Apple's market cap has been below $500 billion. In 2015, Apple
became the first company ever to have a market cap above $700
billion, and in February of that year it crested at roughly $775
billion. It's been a slow fizzle since then.
At $90.32, Apple stock closed at its lowest point since June 24,
2014, when it closed at $90.28. The stock is down 14.2% so far this
year and is off 32% from its all-time high of $133 set on Feb. 23,
2015 (when it set that market cap high).
Even though the investor community seems to have soured on the
company, it remains wildly profitable. The company earned $10.52
billion in its most recent quarter. That's a number that any CFO
would drool over.
Of course, that was down 23% from a year ago.
(END) Dow Jones Newswires
May 16, 2016 15:16 ET (19:16 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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