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Telecom & Wireless

Apple Steals Market Cap From MOT, RIMM, PALM, And NOK

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By Douglas A. McIntyre Published
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Apple’s (AAPL) shares rose about 8.3% today, adding over $6.4 billion to the companies market capitalization. The put it at $79.6 billion.

Assuming the market is efficient, that money came from somewhere else. Maybe the investment came from cash waiting to be used by institutional and indivdual investors, but a great deal probably was a yield from other stocks that took a haircut. A lot of that would be from companies that the new iPhone might hurt.

Motorola (MOT) lost about $1 billion in market cap today to $44.2 billion.. Nokia (NOK) dropped over $1.6 billion to $77.7 billion. (So, Apple is now worth more that the world’s largest cell phone company.) Palm (PALM) lost about $200 million in market cap, and RIMM (RIMM) dropped almost 8% which is $2.1 billion of its hide.

So, about $5 billion in market cap disappeared at four iPhone competitors and over $6 billion poured into AAPL. Maybe a few other companies got pounded to the tune of another $1 billion or so to make up the difference.

One of the more extraordinary results of the Apple stock price rise is that the company now trades at 3.8 times its sales. At Nokia, that figure is 1.5 times. At Motorola the figure is 1.1x.

Wow.

Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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