Apple passes Exxon as most valuable company

NEW YORK (AP) ? Apple has again surpassed Exxon as the most valuable U.S. company after a huge fiscal first quarter.

Apple Inc.’s stock is up nearly 7 percent to $448.79 in Wednesday midday trading, bringing the iPhone and iPad maker’s market capitalization to about $418.5 billion.

Meanwhile, Exxon Mobil Corp. shares are down 1 percent $86.23. That gives the oil company a market cap of about $413 billion.

Apple said late Tuesday that net income in its most recent quarter more than doubled, while revenue was up 73 percent.

Cupertino, Calif.-based Apple first topped Exxon as the most valuable company in August, then fell back to second place. The Irving, Texas-based oil and gas giant had held the top spot since 2005.

Apple overtook Microsoft Corp., now in the No. 3 slot with a market cap of $246.5 billion, in 2010.