Apple’s stock hit another milestone today reaching record levels and breaking the $400 mark for the first time in the company’s history. Apple’s stock closed at $411.63 which gives the Cupertino based company a market capitalization of $382 billion. This is nearly $25 billion more than the Exxon Mobil which is the world’s second most valuable company as measured by market capitalization.
Apple has been on a tear lately with repeated record-breaking financial results and strong sales of their iPhone, iPad and MacBook product lines. With strong sales, the company has been able to amass an impressive war chest with nearly $76 billion in cash reserves.
Many market watchers were concerned when Steve Jobs abruptly announced his resignation from the company last month. The news sent Apple shares downward almost five percent as people took time to absorb the changing of the guard and what it meant for the company.
It took very little time for Wall Street to recognize the company was in good hands with Tim Cook as the new CEO and the strong executive leadership team Jobs put in place over the past decade. Today’s stock price continues to reflect the strong belief that Apple has many, many more good years ahead.