Apple shares flirt with $500 milestone

From CNET News.com: Apple's stock briefly topped $500 this morning, reaching an all-time high and prompting many investors to wonder just how high the company's shares can go.

At their height this morning, Apple's shares reached $503.83 before falling to about $499. As of this writing, Apple's shares are at $499.54, up 1.23 percent from their starting price of $493.42. The company's market capitalization currently stands at $465.6 billion, making it the most valuable company in the world.

Although hitting $500 a share means little in the long run, it marks the first time Apple's stock has risen that high. Over the past decade, Apple shares are up nearly 4,056 percent, and approximately 500 percent in the past five years. In the past year alone, Apple's stock is up nearly 40 percent. Last week, Apple's shares came close to hitting $500, rising to $493.17.

The company's meteoric rise is due mainly to the success of its mobile products, including the iPod, iPhone, and iPad, and its ability to generate huge margins. During its fiscal first quarter, which included the three-month period ended December 31, Apple posted its best quarter yet, generating $46.33 billion in revenue and a $13.06 billion profit. It ended the quarter with over $97 billion in cash on hand.

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