TECHNOLOGYFEBRUARY 13, 2012, 11:23 A.M. ET
Apple's Share Price Tops $500
By MATTHEW JARZEMSKY
Apple Inc.'s shares passed $500 for the first time ever Monday morning, the latest milestone in the stock's meteoric ascent.
The Cupertino, Calif.-based consumer electronics company's value has surged in recent years, overtaking Exxon Mobil Corp. this year as the world's most valuable company. Brisk sales of Apple's smartphones, tablets and computers have fueled better-than-expected earnings growth and allowed the company to amass nearly $100 billion in cash.
Apple's shares recently traded 1.4% higher at $500.20 as the broader market rallied following the adoption of austerity measures by Greece's parliament. Its market capitalization now stands at about $466 billion, higher than Exxon's $398 billion.
Investors continue to speculate over how much higher the stock could go. Apple is reported to have its eyes on the TV market and is expected to give a release date for its latest iPad next month.
About seven months ago, Apple shares hit $400 for the first time. The stock had taken nine months to go from $300 to that level. Apple's value had another psychologically significant moment last month, when the company's market capitalization topped $400 billion.
U.S stocks rose Monday as investors focused on the plans in Greece amid an absence of economic data or significant corporate news.
Write to Matthew Jarzemsky at
matthew.jarzemsky@dowjones.com