Apple is on its way to overtake Exxon Mobil Corp. as the largest company by market capitalization, though it still has a ways to go, reports the “San Francisco Chronicle” (http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/10/04/BUO41FNORG.DTL&feed=rss.business).
As soon as the total value of the company’s shares edges above Exxon’s, Apple will take over the top spot in the Standard and Poor’s 500, the market index used by most professional money managers.
“Apple still has some catching up to do before it takes the lead, of course,” notes the “Chronicle.” “As of now, there is a $60 billion difference in the two companies’ market capitalization. If the price of Exxon stays flat, Apple’s stock will need to rise 12 percent to move ahead of the oil giant, according to Brian Marshall, an analyst at Gleacher & Co.”