BUSINESS

Apple passes Exxon as most valuable company

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NEW YORK (AP) - Apple has again surpassed Exxon as the most valuable U.S. company after an excellent quarter.

Apple products

Apple Inc.'s stock rose nearly 6 percent to $445.29 in midday trading Wednesday, bringing the iPhone and iPad maker's market capitalization to $415 billion.

Meanwhile, Exxon Mobil Corp. shares are down 1 percent at $86.52. That gives it a market cap of $414 billion.

Apple said Tuesday that net income in its latest quarter more than doubled, while revenue grew 73 percent. Cupertino, Calif.-based Apple first topped Exxon as the most valuable company in August, then fell back to second place.

The Irving, Texas-based oil and gas giant had held the top spot since 2005. Apple overtook Microsoft Corp., now in the No. 3 slot with a market cap of $247 billion, in 2010.

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