Apple, the maker of iPhones, toppled the world’s largest company by value, despite the coronavirus pandemic.
|AAPL||APPLE INC.||425,04||+40,28||+ 10,47%|
Apple’s stock on Friday closed at an all-time high of $ 425 and changed with a market cap of $ 1.8 trillion, as seen by the Dow Jones Market Data Group. For the year, stocks rose 44.7% to a new record. Conversely, Aramco’s share is down 6.4% since the end of December.
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Aramco, the market value of the mostly state-owned oil conglomerate of Saudi Arabia, is $ 1.7 trillion. The price of oil has been hammered into the global pandemic as airlines and cruise lines have all but come to a halt amid the coronavirus and many consumers continue to work from home and restrict car travel.
Apple on Thursday reported an explosive quarter, posting an 11% increase in revenue to $ 59.7 billion beating Wall Street estimates, despite 25% of global stores still closed.
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And as an added bonus, he unveiled a four-for-one stock split that could attract a new generation of investors. The movement is proposed “to make the action more accessible to a wider base of investors,” according to the results press release.
At market close on August 24, each registered Apple shareholder will receive three additional shares for each share held. Split-adjusted trading will begin on August 31. Apple previously split its shares 7 for 1 in 2014.
In another bullish sign, CEO Tim Cook, in an interview with FOX Business, said he was optimistic the US economy is heading for a strong rebound.
“I’m still optimistic because we went into this really hard. And I think, I think more stimulus is needed, but I’m optimistic that it will happen. And yes, I think we can, we can have a strong rebound, ”Cook said.
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