November 26, 2018 / 7:51 PM / 20 days ago

Microsoft's stock market value catches up with Apple

    By Noel Randewich
    SAN FRANCISCO, Nov 26 (Reuters) - Just four months after
Apple Inc breached the $1 trillion mark, the iPhone
maker has all but lost its lead as Wall Street's most valuable
company and is on the verge of being replaced by Microsoft Corp
.
    Buoyed by a broad rebound in U.S. stocks on Monday,
Microsoft jumped 3.11 percent to $106.28, pushing its market
capitalization up to a record $816 billion at mid-day. At the
same time, shares of Apple rose 0.63 percent, leaving its stock
market value at $823 billion. 
    Earlier, Apple's stock fell, and both companies' market
capitalization were within about $3 billion of each other,
putting them at virtually the same value.
    
     
     
    Technology shares have been punished in recent months as
investors worry about rising interest rates and fallout from a
trade conflict between the United States and China. 
    But Apple has suffered more than other Silicon Valley
stalwarts, down 23 percent since it warned on Nov. 1 that sales
for the crucial holiday quarter would likely miss Wall Street
expectations.
    Global demand for smartphones has slowed in recent years,
making it more difficult for Apple to increase its revenue.
    Apple's market capitalization overtook Microsoft's in 2010
as the maker of Windows software struggled with slow demand for
personal computers, due in part to the explosion of smartphones
driven by the iPhone.

    
 (Reporting by Noel Randewich, additional reporting by Charles
Mikolajczak and Lewis Krauskopf in New York
Editing by Marguerita Choy)
  
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