Monday, 19 November, 2018

Apple becomes first-ever company valued at $1 trillion

An electronic screen displays the Apple Inc. stock price at the Nasdaq Market Site in New York City New York on Aug. 2 2018 An electronic screen displays the Apple Inc. stock price at the Nasdaq Market Site in New York City New York on Aug. 2 2018
Jan Cook | 02 August, 2018, 20:09

Tech giant Apple has become the first U.S. company to top $1 trillion in market value.

Still, the iPhone maker's stock is still up 2.3% on Thursday, and up 31% over the past year.

The company reached the record market cap when Apple's stock price briefly hit $207.05 in midday trading, before shares once again retreated.

One of five USA companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc. or Amazon.com Inc. if it does not find a major new product or service as demand for smartphones loses steam.

In the almost more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.

Colorado police fatally shoot armed homeowner who killed intruder
The armed man, however, was identified as Richard "Gary" Black Jr.by Siddhartha Rathod, a lawyer representing his family's estate. Aurora Police said their investigation revealed the resident shot and killed the intruder prior to police coming inside the home.

Other companies have come close to the mark, but no public United States company has hit a $1 trillion valuation. But that peak coincided with a Chinese stock-market bubble, and PetroChina's shares would lose $800 billion in value over the next 10 years.

"I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades", GBH Insights analyst Dan Ives told CNBC.

A company's market cap is calculated by multiplying the number of shares outstanding by its stock's share price.

Apple's share price pulled it to $1 trillion in market capitalization on Thursday. Companies typically do so when they consider their stock to be undervalued-or to return funding to investors.

With a mountain of overseas cash freed up by last year's sweeping US corporate tax cuts, Apple bought back a record $43 billion of its own shares in the first six months of 2018, and its report to the SEC suggested it has continued that program in recent weeks.

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