“Apple hit a $1 trillion market cap on Thursday, making the iPhone maker the first publicly traded U.S. company to reach the record valuation,” as CNBC is reporting.
“The stock rose nearly 3 percent following a strong third-quarter earnings report earlier this week, briefly hitting a session high of $207.05 in midday trading before falling back below $207.
“Based on a recently adjusted outstanding share count of 4,829,926,000 shares, a stock price of $207.05 nudged Apple over the finish line in the race to one trillion. Investors had previously been looking for a share price of $203.45, but the company’s hefty stock buybacks moved the threshold higher.
“‘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 after the historic market move. ‘This is not the end, that they hit $1 trillion. I view this as just kind of speaking to a new a stage of growth and profitability.'”
The rest of the article is here.
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And another way to look at this is:
The Republican tax reform package that was supposed to raise wages and spur hiring has instead funded a record stock buyback and dividend spree, benefiting investors and company executives over workers.