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  1. #1
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    Default Apple market value hits $600 bn level for first time, shares hit $644

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    Apple, already the world's most valuable company, hit the $600 billion level for the first time on Tuesday.

    Only one other company has been worth $600 billion, Apple's old sparring partner Microsoft Corp. It reached that valuation for 13 trading days around the turn of the millennium, at the peak of the technology stock mania.

    At its highest level, on Dec 30, 1999, Microsoft's valuation was $619 billion. It's now worth $260 billion. General Electric Co came just short of reaching a $600 billion valuation in August 2000.

    Apple shares hit $644 in morning trading, up 1.2 percent from Monday's close.

    Apple's stock is up 59 percent since the start of the year, an indication that investors are catching up to what analysts have been saying for a while: despite its enormous market capitalization, Apple's stock has been undervalued relative to its even more enormous profits.
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