Apple hits a new all-time high and briefly climbs above a $925 billion market cap
Â· Shares closed less than a percent up but climbed above $182 in midday trading.
Â· A market cap above $925 billion puts Apple well ahead of Alphabet and Amazon.
Â· Apple earlier Monday announced it was buying magazine subscription service Texture, and company SVP Eddy Cue said at SXSW that a Netflix or Disney tie-up was unlikely.
Apple closed at an all-time high Monday, briefly surpassing an intraday market cap of $925 billion for the first time. Shares closed at $181.40 less than a percent up but climbed above $182 in midday trading, briefly pushing the tech giant to a market cap of $925.4 billion, before closing at $922 billion. That puts Apple more than $100 billion ahead of the second-largest company by market capitalization, Alphabet, and more than $150 billion ahead of Amazon.
Apple earlier Monday announced it was buying magazine subscription service Texture, and company SVP Eddy Cue said at SXSW that a Netflix or Disney tie-up was unlikely.
Weaker USD good for Apple
The weakening USD has the potential to goose revenue numbers for international corporations like Apple much higher. Other tech giants like IBM have seen outsized, positive impact from the weaker USD and expect it to continue. While hedging programs may add to expenses, a continuing weaker dollar could catalyze Apple revenue numbers higher.
Apple (AAPL), a multinational corporation known for its popular iPhone handset, is no stranger to foreign currency issues.
"For US multinationals that sell products overseas, however, the strong US dollar makes these products more expensive and less competitive in the foreign marketplaces. Especially for Apple, which sells products that are already notoriously expensive, the potential impact of a strong dollar compared to international currencies smacks the bottom line."
Source: CNBC, seekingalpha