On Monday Apple Inc. (AAPL on Nasdaq) became the most valuable company in the stock market, reaching a $622 billion trading in midday thus breaking all records in stock market history. Its stock later today went on to pass $644 billion, i.e over 2.4 percent.
Analysts attribute the unwavering faith of investors to rumors of the up-coming iPhone and iPad mini, the former of which is rumored to hit shelves on the 21st of September after a launch on September 12 and the latter around the same time. Last month, Apple reported a lower than anticipated earnings, but the company was quick to (and perhaps rightfully so) attribute the low sales to the anticipation of iPhone 5.The company said many customers are holding back on purchases till its release.
Apple is now worth 53 percent more than Exxon Mobil Corp, the company that ranks second after Apple on Nasdaq. Exxon is worth about $405 billion after shares fell 0.51 percent.
In 2011, Apple became the most valuable company on the stock- market beating Exxon Mobil's $331 billion market cap. In almost a year and a half, the company's value doubled reaching the $600 billion mark.
Last week, Apple paid dividends for the first time since 1995. After the resignation of Apple's iconic CEO Steve Jobs, many wondered whether the company could carry along in the same fashion without Jobs. However, since the advent of Tim Cook, who replaced Jobs, the company shares have risen around 76 percent.
And today Apple has definitely maintained its position as the top-ranker on the stock market in the most formidable fashion. Apple went on to surpass the record breaking market cap of $618.9 billion, established by Microsoft in 1999 (without taking inflation into consideration).
Now, one can only hold one's breath in anticipation of what will happen next. The month of September, going by all the whispering about the next generation iPhone, will prove definitive to the company and as FBR Capital's Craig Berger says might be the "most important product in Apple history," telling the International Business Times, Apple might sell as many as 250 million of its next generation iPhone making it "one of the largest single product opportunities in Apple's history," as reported by the International Business Times.
Berger also predicts that customers are more likely to upgrade, regardless of eligibility, since according to Berger upgrade is more influenced by the product than eligibility, "Together, we expect the two positive catalysts will help drive one of the largest and balanced product cycles in Apple's history," as reported by Forbes.
So as customers brace for September 12th which New York Times reveals as the "semi-confirmed," date of launch and also the day Apple will start accepting pre-orders.
