Tech

Apple Again Battling Exxon For Most Valuable Company

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Apple Store customers look at the new Apple iPhone 4Gs on October 14, 2011 in San Francisco. (Justin Sullivan/Getty Images)

Apple Store customers look at the new Apple iPhone on October 14, 2011 in San Francisco. (Justin Sullivan/Getty Images)

CUPERTINO (CBS/AP) – Apple briefly surpassed Exxon as the most valuable U.S. company after an excellent quarter, though the oil company has regained the lead at the market’s close.

Apple’s stock rose as much as 8 percent, while Exxon’s fell as much as 2 percent during trading Wednesday.

Exxon Mobil Corp.’s stock closed up 4 cents at $87.22 for a market capitalization of $418 billion. Apple’s increased 6 percent to $446.66 for a market cap of about $415 billion.

Apple said Tuesday that net income in its latest quarter more than doubled, while revenue grew 73 percent.

Cupertino-based Apple first topped Exxon as the most valuable company in August, then fell back to second place. The Irving, Texas-based oil and gas giant had held the top spot since 2005.

Apple overtook Microsoft Corp., now in the No. 3 slot with a market cap of $247 billion, in 2010.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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