Business

Apple takes No. 1 again from Exxon

Apple (AAPL) blew past Exxon Mobil(XOM) again Wednesday to be the world’s most valuable company, underscoring that the laws of large numbers don’t seem to apply to the maker of iPhones and iPads.

Following its fourth-quarter earnings report late Tuesday, which the company posted better-than-expected net income of $13.1 billion that was double from a year ago, Apple’s stock soared $26, or 6%, to $447 in late afternoon trading. That gives the stock a market value of nearly $419 billion, topping Exxon’s $414 billion market value.

“Some expected Apple to suffer a bit from the inroads of Android and competing tablet” computers, says Dan Morris of Morris Capital, which owns Apple stock. “But looking at the fourth quarter, that didn’t happen.”

Full story: Apple takes No. 1 again from Exxon