Apple held its prominence once again regaining its crown as the most valuable publicly listed U.S. company on Wednesday. It completed the session with a market capitalization above previous leaders Microsoft and Amazon.com.
Apple walked off with 0.03 percent edge up, putting its market value at $821.5 billion. Microsoft’s market capitalization valued at $813.4 billion after its stock dipped 1.11 percent, while Amazon’s stock market value finished the day at the third place with $805.7 billion after its shares went down by 1.12 percent.
After reaching at a record $1.1 trillion in October last year, Apple’s market capitalization fell down, and it was overtaken in December by Amazon and Microsoft, which have been around the top place since then. These three multinational companies affect the global economy majorly.
Apple’s stock experienced a growth of about 13 percent since its quarterly earnings report in January. Apple revealed that iPhone sales dropped down heavily due to poor performance in China. The major reason behind iPhone sales slowing down in China owes to local vendors like Huawei and Xiaomi selling competitive phones that cost hundreds of dollars less than Apple's.
But decreasing sales of iPhone had reduced expectations for Apple’s stock. The average analyst price target for Apple was dropped from $240 three months ago to $175, less than a dollar more than its current stock price of $174.24.
Apple’s stock market value went down to $675 billion on Jan. 3 after its revenue warning, but then positively recovered, helped in part by a quarterly report that was better than expected by feared investors.
While Apple has gained significantly in recent sessions, Microsoft and Amazon’s shares fell after their quarterly reports. Amazon has dropped by almost 5 percent since Thursday when it forecasts first-quarter sales below Wall Street estimates and said it would take forward investments in 2019.
However, Amazon is still favored because of its lead-in cloud-computing market share. On the other hand, Microsoft’s stock is about flat from last Wednesday when the software maker met targets for its quarterly results and forecast.