Apple hits high as Facebook falters (Live video discussion today)
Why is Apple thriving while Facebook is diving? Join us today at 3 p.m. for a live video discussion with Times business reporter Walter Hamilton and columnist David Lazarus. Ask questions with Twitter hashtag #asklatimes.
Apple Inc. became the most valuable company in history Monday while Facebook Inc. briefly fell to half its IPO price.
On an otherwise sleepy August day, Apple shares surged $17.04, or 2.6%, to $665.15 -- giving the company a market value of $623.5 billion. That tops the $620.6 billion that Microsoft Corp. touched briefly toward the end of the 1990s dot-com bubble.
LIVE VIDEO DISCUSSION: Join us at 3 p.m. today
The rally has been paced by enthusiasm about the next generation iPhone, which is set to be unveiled Sept. 12.
Facebook, meanwhile, momentarily sank to less than half the price of its $38 initial public offering three months ago. The shares touched down at $18.75 before a rare rally carried the stock back above $20. It closed up 5% at $20.01.
The buying may have been paced by investors who jumped in once the share price had been cut in half.
LIVE VIDEO DISCUSSION: To participate in the discussion, leave questions in the comments below or on Twitter using the hashtag #asklatimes.
