Apple soars over $500 a share 'thanks to iPads under the Christmas tree'
Apple stock finished above $500 yesterday for the first time ever. At the close in New York, the share price stood at at $502.60. That gives the California company a market value of $468 billion; in second place is oil giant ExxonMobil, almost $70 billion behind at $399.64 billion. Avi Greengart, a consumer devices analyst at Current Analysis, told the San Jose Mercury News, " The markets are realising that Apple is a platform company, with its iTunes and iOS software and now iCloud all built on top of each other. "Combine this all and you've got a really compelling business model, and that's reflected in the climbing price of its shares." Some are predicting Apple will reach $1000 a share. In March 2006 the shares were at $65.92. Two weeks ago the Cupertino company reported " jaw-dropping" sales and profits for the Christmas quarter, said the Mercury News. " All those iPads under the Christmas tree have now helped make Apple worth more than Google."