Apple Passes Exxon As Most Valuable US Company

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By BARBARA ORTUTAY AP Technology Writer

NEW YORK (AP) _ Apple has surpassed Exxon Mobil as the most valuable company in the U.S.

Apple Inc.'s stock gained 3.4 percent to $365.10 Tuesday afternoon, bringing the iPhone and iPad maker's market capitalization to about $338 billion.

Exxon Mobil Corp. shares, meanwhile, were trading at $69.23, down 1.4 percent. That gives the oil company a market cap of $337 billion.

Other big-name corporations, such as Wal-Mart Stores Inc. and General Electric Co., don't even come close.

Exxon, which set a record in 2008 for the highest quarterly earnings by any company, has limited growth prospects. Its growth is driven by oil prices and discovering new oil.

By contrast, Apple has been on a roll with the soaring popularity of its iPad tablet computer and strong sales of the iPhone. Apple's growth is limited only by innovation. Investors expect it to grow as long as it keeps making products that people want. So investors are betting on Apple's stock even though it currently makes less money than Exxon.

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