Apple rises Friday to reclaim most-valuable company title
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Apple (NASDAQ:AAPL) shares rose more than 4% Friday as the iPhone maker continued to climb back from its year-to-date low point, and also take back the title of world's most-valuable company.
Apple (AAPL) ended the day at $149.64 a share, and has now risen almost 13% since touching a 2022 low of $132.61 a share on May 20. There was little major news involving Apple (AAPL) during the day's market session. On Thursday, Apple (AAPL) said it would boost the starting wage of its retail employees to $22 an hour.
With Friday's advance, Apple (AAPL) was able to edge past Saudi Aramco to become the most-valuable company in the world based on market capitalization. By the time the closing bell rang Friday, Apple (AAPL) had a market cap of $2.42T, while Saudi Aramco was nipping at Apple's (AAPL) heels with its $2.39T market value.
On Thursday, influential Apple (AAPL) analyst Ming-Chi Kuo, of TF International Securities, said that channel checks suggest Apple (AAPL) is not making any change in shipping plans for the eventual release of the iPhone 14 later this year. There had been some reports that Apple (AAPL) was experiencing production delays due to the impact of Covid-19 shutdowns in China.