At Wall Street, Apple Computer Beats Wal-Mart
Apple investors cheered yesterday when it was announced that their company has overtaken the giant corporation, Wal-Mart.
The two companies are part of two different markets, Wal-Mart is in the New York Stock Exchange (NYSE) and Apple in the NASDAQ. But measured by volume and marker capitalization, Apple has now become the biggest kid on the block.
When the bell rang to close the markets on Wall Street yesterday, Apple pulled one of its most amazing days. According to FinancialAdvisor.com:
In less than an hour, close to 2 million shares of Apple changed hands, as the price of the stock shot up to $227.73, bringing the market cap of the company to $206.5 billion.
Apple’s humble beginnings created a cult-like following that carried the company through many tough years. Apple continues to amaze critics who once believed the company would not be able to survive in a world dominated by Microsoft’s Windows systems.
iPod’s, iPhones, and Apple’s stylish and powerful computers have brought in billions in profits. Their newest product, the iPad, is expected to do just as good.
Many credit the company’s success to Steve Jobs, Apple’s CEO, who is said to be in better health these days according to a recent segment on NPR’s Marketplace.
Wal-Mart’s model of selling cheaper products and paying their workers low-wages, had allowed it to reign on Wall Street for years. Even at times when the economy was in a recession, Wal-Mart investor’s always profited. But with Apple’s rise to the top, perhaps some investors will want to go a little more high-end by acquiring Apple stocks.
Still, it’s too premature to count out Wal-Mart as a leader on Wall Street. But for now, Apple has one more reason to celebrate.