retail news in context, analysis with attitude

by Kevin Coupe

Okay, so I know this will further the perception that MNB is totally in the bag for Apple.

But here goes...

The Associated Press reports that Apple’s “lineup of sleek phones, computers and iPods, irresistible to customers even in tough economic times, propelled it to the No. 1 position by market value Wednesday, surpassing Exxon Mobil. Apple's stock on the open market is now worth more than any other company's.

“Apple's stock fell for the day, but Exxon's fell more. Apple finished with a market value of $337 billion, beating Exxon's $331 billion. A single share of Apple stock now costs $363.

“Apple occupies a rarefied spot once held by General Electric and Apple's own rival Microsoft. Exxon had held the top spot since 2005.”

It was less than 15 years ago that Apple was on the verge of going out of business, deemed irrelevant by consumers and the technology community alike and possessing a market share so small that it was seen as insignificant. Its stock price was low in the single digits.

Things changed.

As bad as the economy may seem today, there are no bread lines. If Apple comes out with a new iPhone or iPad tomorrow, it is virtually guaranteed that there will be lines of people waiting at its iconic stores all over the globe. (There’s already a guy camping out in front of a London Apple store waiting for the next iPhone introduction, which hasn’t even been announced yet.)

In the end, Apple’s climb has been about innovation, imagination and intelligence. And, let’s not forget relevance ... though Apple co-founder CEO often has been convinced the relevance of his products even before the marketplace knew it wanted or needed them.

It is a lesson to be learned. It is an Eye-Opener.

And if that means I am in the bag for Apple, so be it.
KC's View: