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Apple (Nasdaq: AAPL ) became just the second company to command a market cap greater than $600 billion on Tuesday.
It didn't last. Whether it was the market recoiling in horror or simply a correction in Apple shares that many argue is long overdue, the stock staged a retreat even as the rest of the market began to regain its winning ways through middle of the week.
The irony here is that $600 billion isn't necessarily an outrageous price tag for Apple, as the company would be trading at just 14 times this fiscal year's projected profitability.
However, the tech bellwether will continue to be volatile as the market tries to balance the company's buoyant fundamentals with its historical market cap.
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
- Adobe (Nasdaq: ADBE ) will be buying back $2 billion worth of stock over the next three years. It's not just lip service. The desktop-publishing software leader just completed a $1.6 billion repurchase. In short, this is no Photoshop trick.
- Sirius XM Radio (Nasdaq: SIRI ) began streaming NHL games last week. The service kicked off with the Stanley Cup playoffs that began on Wednesday, but the new streaming deal will also cover regular-season games next year. The satellite-radio giant is hoping that more of its receiver-based subscribers will pay up for Internet streaming.
- Barnes & Noble (NYSE: BKS ) and Amazon.com (Nasdaq: AMZN ) appear to be working on new e-readers that feature glowing front-lit illumination without sacrificing the E Ink screens that have made the Nook and Kindle so popular. Who needs one of those attachable lights? Reading is about to get even more enlightening.
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