Microsoft is on top of the market
Published: 15 Oct 2002 15:11 BST
Microsoft is on top again, at least when it comes to market value.
The software giant's market capitalisation, a measure of the total value of a company as judged by the stock market, has reached $265.1bn based on Monday's closing stock price of $49.29, making it the world's most valuable company.
Microsoft passed General Electric to get the top spot, but was helped out by a steep decline in GE's stock price over the last few months. GE had a market cap of $242.3bn at Monday's closing bell.
The victory, however, is somewhat hollow. The market capitalisations of both Microsoft and GE have been more than halved since their market peaks. The antitrust trial hurt Microsoft's market cap, and concerns about future growth has hampered GE.
Microsoft has been in and out of the top spot over the years. GE passed it last year in a ranking produced by the Financial Times.
Microsoft, which reports fiscal first-quarter earnings on Thursday, is the only tech company to make it into the top 10. Retailer Wal-Mart is third, with a market cap of $239.5bn, followed by Exxon Mobil at $23bn, and Pfizer at $191.4bn.
The rankings are fluid and subject to the whims of the market. In 2000, Cisco Systems was the most valuable company with a market cap topping $500bn. GE regained the crown as the telecom meltdown hurt Cisco, whose market cap was $72.3bn as of market close on Monday.
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