Exxon used to be America’s most valuable company by market capitalization until it was displaced by Apple, and now in the wake of Apple’s “disappointing” earnings report they’ve ended up neck-in-both both at around $415 billion with the exact numbers changing every minute.
Something worth noting is this means the “enterprise value” of Exxon is a lot higher than that of Apple. That’s because Apple’s stockpile of cash and cash-like securities is worth nearly a third of the company’s overall market capitalization at this point. The market’s assessment of the value of Apple as an ongoing enterprise is the remaining two-thirds, now way below Exxon.
