Apple Overtakes Exxon Mobil Briefly

For a brief period, Apple boasted the biggest market value in the nation.

As of the close of the U.S. stock markets Wednesday, the consumer electronics giant had a market capitalization of $337.17 billion, ahead of Exxon Mobil ($330.77).

Of course, the markets are fickle and the oil company returned to the No. 1 position Thursday with a market cap of $346.74 billion, as of 12:07 p.m. E.T.

Shares of Exxon Mobil (XOM) were up $2.36, or 3.47 percent, to $70.39 on the New York Stock Exchange. Apple, which trades on the NASDAQ, had a market cap of $343.52 billion as of 12:06 E.T.

The NASDAQ calculates market value using the current market price per share of the security multiplied by the number of shares outstanding.”

Shares of Apple (AAPL) climbed $7.78, or 2.14 percent, to $371.47 on the NASDAQ.

Apple and Exxon Mobil have been raking in enormous profits. In its most recent fiscal quarter, Apple posted net income of $7.31 billion on revenues of $28.57 billion. Exxon did even better, bringing home $10.7 billion in earnings on roughly $125.5 billion in revenues.

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