Amazon briefly edges out Apple for most valuable company

Updated 04 December 2018
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Amazon briefly edges out Apple for most valuable company

  • Amazon rose by 4.7 percent at one point, putting its market capitalization at $865.0 billion
  • Amazon’s lead lasted only a few seconds. At the close, Apple was back on top with a 3.49 percent increase in its stock that put its total value at $877 billion

SAN FRANCISCO, US: Amazon.com briefly became the most valuable company on Wall Street in intraday trade on Monday, days after Microsoft Corp. dethroned long-time leader Apple Inc.
Amazon rose by 4.7 percent at one point, putting its market capitalization at $865.0 billion. At the same time, Apple traded up 2.1 percent, giving it a market capitalization of $864.8 billion.
Microsoft, which on Friday closed above Apple’s market capitalization for the first time in eight years, was up 0.9 percent, leaving its stock market value at $859.0 billion, third in the group.
Amazon’s lead lasted only a few seconds. At the close, Apple was back on top with a 3.49 percent increase in its stock that put its total value at $877 billion. It was followed by Amazon, up 4.86 percent with a market capitalization of $866.6 billion, and then Microsoft, up 1.08 percent and a stock market value of $860.4 billion.
The tight race between the trio of high-powered technology stocks coincided with a broad stock market rally after the United States and China agreed on a temporary truce in their ongoing trade dispute.
Apple in August became the first US publicly listed company to reach a $1 trillion market capitalization, but its share price has fallen sharply in recent months as investors worried that demand for iPhones was losing steam.
Its market capitalization overtook Microsoft’s in 2010 as Microsoft struggled with slow demand for personal computers, due in part to the explosion of smartphones like the iPhone.
Amazon’s stock has recovered most of the ground it lost after the online retailer in October forecast disappointing sales for the holiday quarter.
Although it is down about 13 percent from its Sept. 4 record-high close, in the year to date Amazon’s stock is up 51 percent, compared with a 31 percent rise for Microsoft and Apple’s 9 percent increase.


Kingdom to remain oil exporting kingpin says IEA boss

Updated 1 min 52 sec ago
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Kingdom to remain oil exporting kingpin says IEA boss

LONDON: Saudi Arabia will remain the largest global oil exporter for years to come despite the growth of the US oil sector, according to the chief of the International Energy Agency (IEA).

IEA Executive Director Fatih Birol told the World Economic Forum in Davos that despite a rapidly changing global energy sector, the Kingdom would remain a key player.

But he added that the importance of the US shale sector should not be underestimated as it had been in the past.

“The Middle East and especially Saudi Arabia will remain the largest exporter of oil for many years to come,” he told an energy panel at the annual gathering of global political and business leaders in the Swiss mountain resort.

Official data from Saudi Arabia released on Monday showed the Kingdom’s crude oil exports in November rose to 8.235 million bpd from 7.7 million in October.

“The US produce a lot of oil but most of the time they use that at home for domestic purposes. So even though US is now a very important oil producer, the Middle East will remain the largest exporter of oil.

“But for this year, 2019, let’s pay special attention to US shale once again because some of the observers last year I think made wrong assumptions and underestimated US shale growth,” said Birol.

The huge growth of the US shale oil industry has transformed the energy landscape in the US, which until last month had been a net importer of oil for the last 75 years.

Oil prices fell nearly 2 percent on Tuesday, pushed lower by signs of a slowdown in China.