Apple briefly regains title as most valuable US company
06 February 2019 | Business
With Microsoft and Apple rallying almost 3%, Apple's market capitalisation for a few seconds was US$806.6 billion, exceeding Microsoft's by US$200 million and Amazon's by about US$1.2 billion.
Microsoft quickly returned to its spot as the most valuable company, but Apple was on track to end the session above Amazon, up 0.4%, taking the No 2 spot.
Average analyst price targets imply Amazon would become by far the most valuable US publicly-listed company at US$1.03 trillion, followed by Microsoft at US$967 billion, Alphabet at US$927 billion and Apple at just US$835 billion, according to Refinitiv data.
Apple's stock has risen 11% since its quarterly report last Tuesday, with investors betting it was oversold following months of concern about a slowdown in iPhone demand, and the company's rare revenue warning on Jan. 2 related to soft demand in China.
After touching a record US$1.1 trillion last October, Apple's market capitalisation fell gradually, and it was overtaken in December by Amazon and Microsoft.
Apple's stock market value hit a low of US$675 billion on Jan. 3 after its revenue warning, but then steadily recovered, helped in part by a quarterly report that was better than feared by investors.
While Apple has gained in recent sessions, Microsoft and Amazon's stocks have fallen after their quarterly reports. Amazon has declined about 4% since Thursday, when it forecast first-quarter sales below Wall Street estimates and warned over new regulations in India.
Since Wednesday, when Microsoft met targets for its quarterly results and forecast, its stock has slipped nearly 1%.
Google-parent Alphabet was up 2.6%, putting its stock market value at US$788 billion. After the bell, the company is expected to post quarterly revenue of US$38.9 billion, up 20%, and a 12% increase in non-GAAP net income to US$7.7 billion, according to Refinitiv data. – Nampa/Reuters