Apple Inc.’s stock
surged 1.3% in premarket trade Thursday, after a Needham upgrade to strong buy, which put the company on track to retake its position as the most valuable U.S. company by market capitalization. With 4.715 billion shares outstanding as of Jan. 18, according to the latest SEC filings, Apple’s stock gain is set to raise its market cap to $898.5 billion from $887.2 billion on Wednesday. That would knock Microsoft Corp.
down to second place, as the software giant’s premarket stock drop of 0.4% implies a market cap of $898.0 billion, down from Wednesday’s $901.6 billion. Amazon.com Inc.’s stock
is down 0.1% ahead of the open, which would keep the e-commerce and cloud giant in third place with an implied market cap of $881.7 billion. Apple’s stock has surged 19.3% year to date, while the Dow Jones Industrial Average
has gained 10.4%.
Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.