Apple passes Exxon as most valuable company (AP)

NEW YORK ? Apple has again surpassed Exxon as the most valuable U.S. company after an excellent quarter.

Apple Inc.'s stock rose nearly 6 percent to $445.29 in midday trading Wednesday, bringing the iPhone and iPad maker's market capitalization to $415 billion.

Meanwhile, Exxon Mobil Corp. shares are down 1 percent at $86.52. That gives it a market cap of $414 billion.

Apple said Tuesday that net income in its latest quarter more than doubled, while revenue grew 73 percent.

Cupertino, Calif.-based Apple first topped Exxon as the most valuable company in August, then fell back to second place. The Irving, Texas-based oil and gas giant had held the top spot since 2005.

Apple overtook Microsoft Corp., now in the No. 3 slot with a market cap of $247 billion, in 2010.

Source: http://us.rd.yahoo.com/dailynews/rss/tech/*http%3A//news.yahoo.com/s/ap/20120125/ap_on_hi_te/us_apple_value

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