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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.

The soaraway iPad

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."

NY

Noel Young

Former editor of Sunday Mail in Glasgow and Group Managing editor of Daily Record and Sunday Mail. Now Boston-based US correspondent for UK newspapers including Daily Mail, Mail on Sunday and Sunday Post. Material also syndicated by Edit International in Florida. US editor for The Drum.

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