Photo: S. Baker via Flickr
Apple’s stock (AAPL) continued its upward ascent yesterday closing at an all-time high of $411.63.While much of the industry questioned how the stock could be up over 10% since the day after Steve Jobs stepped down as CEO and took on the role of Chairman nearly a month ago, Wall Street money managers have remained true to form. For them, the removal of the succession question from the Apple investment equation clearly trumps the fact that the company has yet to announce any new iPhone or iPod products, both of which are expected before the holiday season.
“Questions about Job’s continued role at Apple clearly were creating a drag on the stock the last six to nine months,” noted one long-time Apple investor. “While in the past, Apple did not handle questions regarding Steve’s health very well, this time they did and a question that had been keeping many from investing in the stock has been cleared away.”
The stock increase also reflects the financial community’s faith and comfort in the executive leadership that Jobs has put in place over the past few years.
[Apple’s $380 billion market cap makes it the most valuable company in the world], head and shoulders above Exxon. But it also does something even more impressive: It puts Apple in position to become as valuable as Microsoft and Google combined, notes MG Siegler on his blog, parislemon.
Right now Apple’s market cap is $20 billion away from matching their value.
Apple should be able to clear that $20 billion hurdle with ease: “It still has the iPhone 5 to introduce, and the iPhone 4S, which is reportedly aimed at the Chinese market. The new iPhones could very easily provide a jolt to the stock sending it even higher in the weeks to come.
Members of Paul Noglows’ family own Apple shares.
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