Google parent Alphabet Inc.’s stock has outperformed Apple Inc. shares by so much this month that Apple’s market-capitalization lead has been cut by $100 billion to just under $30 billion. Apple ended 2017 with a market cap of about $860.88 billion, or $128.97 billion above Alphabet’s market cap of $731.91 billion. But with Apple’s stock down 1.9% in afternoon trade Monday, amid concerns over iPhone X production cuts, it has now lost $1.04, or 0.6% year to date, to bring its market cap down to $855.59 billion, according to FactSet data. Meanwhile, Alphabet shares edged up 0.2% Monday, and have rallied $136.74, or 13.0%, to lift its market cap to $826.92 billion, or just $28.67 billion behind Apple. Over the past three months, Apple’s stock has edged up 3.2%, while Alphabet shares have run up 15.1%, the tech-heavy Nasdaq 100 has climbed 12.8% and the Dow Jones Industrial Average has surged 13.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News