A tale of two companies
Apple hit another milestone in Monday trading, becoming the most valuable company of all time after its market value climbed over $620 billion, surpassing the record set by Microsoft (MSFT) in 1999. Shares have been climbing higher in anticipation of product launches coming this fall, when Apple is expected to unveil a larger version of its iPhone. Some also believe a smaller iPad will be announced to help protect market share from Android devices and Amazon (AMZN), which have been offering cheaper, smaller tablets.
At the other end of the spectrum, Facebook touched an all time low Monday morning before rallying later in the day as investors appeared to finally become comfortable buying in to the social media giant. Shares were trading more than 50% below the $38 IPO price after some early investors were given the green light to sell their shares for the first time after the IPO. Many analysts remain concerned about the company’s ability to grow revenue and monetize its mobile business in the coming years.
Apple (AAPL : NASDAQ : US$665.15), Net Change: 17.04, % Change: 2.63%, Volume: 21,782,952 Facebook (FB : NASDAQ : US$20.01), Net Change: 0.96, % Change: 5.04%, Volume: 100,152,968