Amazon's stock surge knocks Apple down to 3rd on the most valuable U.S. companies list
Amazon.com Inc.'s stock surged 2.8% in afternoon trade Wednesday, enough to overtake Apple Inc. to become the second-largest U.S. company by market capitalization. Based on share counts listed in the companies' latest quarterly filings, Amazon's market cap grew to about $754.9 billion, while Apple's stock edged up 0.4% to nudge its market cap up to $751.6 billion. Amazon shares have run up 30% over the past 12 months, while Apple's stock has lost 8.1% and the Dow Jones Industrial Average has slipped 5.9%. Meanwhile, Microsoft Corp. shares slipped 0.1%, but the software giant held onto first place with a market cap of $779.3 billion. Google parent Alphabet Inc. was still third, as the stock rose 0.8% to lift its market cap to $723.7 billion. 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.