Apple Needs an 8.6% Rally to Reach $1 Trillion MilestoneBy
Apple market cap reaches $920 billion, $80B short of $1T
Shares need to touch $203.48 for Apple to top $1T market value
Apple’s road to $1 trillion in market value is just 16 bucks away.
That’s how much each share of the iPhone maker needs to rise for Apple to reach a round-number market capitalization of $1 trillion.
Apple has risen for six consecutive sessions to reach $187.47 at 11:26 a.m. in New York, bringing its market cap to about $920.8 billion. To push that level to $1 trillion, each share outstanding -- there are about 4.9 billion of them -- needs to trade at $203.48, about 8.6 percent higher than where they are now.
Apple can reach the milestone before the end of this week if last week’s momentum persists. The stock rallied 8.7 percent from Wednesday to Friday as Apple’s sales in the latest quarter topped estimates and Warren Buffett said he bought an additional 75 million shares.
Cupertino, California-based Apple is up 10.4 percent this year, compared with a 0.2 percent gain in the S&P 500.
Even if the rally to $1 trillion takes longer than a few days, Apple will still be the first U.S. company to mark the event once it does. The biggest U.S. peers are far behind: Amazon.com Inc. is $222 billion away from $1 trillion, while Google Inc.’s parent Alphabet is short $264 billion in market cap.
Apple hit the $500 billion mark on Feb. 29, 2012. Its run to becoming a $1 trillion company -- greater than the GDP of the Netherlands or Malaysia -- has taken more than six years.