Apple Ends Trading Monday as Most Valuable Company on Stock Market
Even without Steve Jobs as CEO, Wall Street determines that the maker of iPads is 11 times more valuable than Time Warner.
Apparently Wall Street has gotten comfortable with Steve Jobs stepping down as CEO of Apple, because on Monday its shares closed at an all-time high and the creator of iTunes and iPad became the most valuable company on the stock market.
Apple closed 3 percent higher to $411.63, giving it a $361.62 billion market cap, according to Yahoo Finance, $3.5 billion more than Exxon Mobil, which on Monday became Wall Street's second most valuable company.
Apple disclosed just one month ago that, presumably due to poor health, Jobs was being replaced as CEO by former COO Tim Cook, and that Jobs would become chairman of the board.
Apple's market cap suggests that Wall Street figures the company is nearly six times more valuable than Disney, or worth eight times what News Corp. is worth or 11 times what Time Warner is worth.