Apple passes Exxon Mobil Corp as largest US company

SAN FRANCISCO/NEW YORK – Apple Inc briefly edged past Exxon Mobil Corp to become the most valuable US company on Tuesday, displacing an old economy stalwart and heralding an era where technology holds sway.

Although Apple slipped back to the No 2 spot after the close, market watchers said it is simply a matter of time before the company that defined the smartphone and tablet markets with the iPhone and iPad ascends the top.The technology giant’s market value rose on Tuesday to US$341,5 billion in severely choppy afternoon trading, just above Exxon’s US$341,4 billion, even though the oil major’s annual revenue is four times that of Apple’s.Exxon quickly regained the No 1 spot as its shares rose and Apple’s shed some of their gains, with stocks globally remaining volatile because of soft economic data and the downgrading of the United States’ sovereign credit on Friday.Exxon ended on Tuesday with a market cap of US$348,3 billion followed by Apple at US$346,7 billion. – Nampa-Reuters