Apple Inc., already one of the world’s business behemoths, reached another impressive milestone on Tuesday – hitting a value of $600 billion US for the first time.
The company’s stock briefly reached $644 a share in early trading Tuesday, putting the company’s market value at $600.4 billion. By 2 p.m. shares had retreated to $632.03, dipping below the $600 billion mark again.
The only other company to reach $600 billion in market capitalization was Microsoft Corp. which held that valuation for 13 trading days at the peak of technology stock boom near the turn of the millennium.
Microsoft has since fallen to $260 billion. General Electric Co. flirted with, but fell short of the $600 billion mark in August 2000.
Apple stock has risen a dramatic 59 per cent since the start of the year, bolstering the perception that the stock was undervalued in relation to its staggering profits.