 "Instant view: Apple hits $1 trillion stock market valuation")
(Reuters) - Apple Inc became the first $1 trillion publicly listed U.S. company on Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
COMMENTS:
BRAD NEUMAN, DIRECTOR OF MARKET STRATEGY AT ALGER, A GROWTH EQUITY ASSET MANAGEMENT FIRM IN NEW YORK CITY:
“It speaks to the power of the company’s platform. We think of Apple as less of a device maker and more of a platform for services, and I think the markets are starting to recognize the value of its platform and services more and more and that’s what is being reflected in the increase in market capitalization.”
PETER TUZ, PRESIDENT OF CHASE INVESTMENT COUNSEL IN CHARLOTTESVILLE, VIRGINIA:
“It’s certainly a tremendous achievement to create a company with a $1 trillion market cap.
“Steve Jobs and his co-founders… created a company that has lasted a long time and continues to capture the imagination of consumers all around the world with their new products and services.
“It is still, compared to many other companies, not an expensive stock.
“They still have a long runway with new products and especially getting more people addicted to the various services that they have rolled out.
“I am thinking Amazon is going to get there in the not-too-distant future as well.
“It’s a tremendous achievement. Ultimately, it’s just a number.”
(Americas Economics and Markets Desk; +1-646 223-6300)
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