NEW YORK — Apple, already the world’s most valuable company, hit the $600 billion level for the first time Tuesday.
Only one other company has been worth $600 billion Apple’s old sparring partner, Microsoft Corp. It reached that valuation for 13 trading days around the turn of the millennium, at the peak of the technology-stock mania.
At its highest level, on Dec. 30, 1999, Microsoft’s valuation was $619 billion. It’s now worth $260 billion.
General Electric Co. came just short of reaching a $600 billion valuation in August 2000.
Apple shares hit $644 in morning trading, up 1.2 percent from Monday’s close.
Apple’s stock is up 59 percent since the start of the year, an indication that investors are catching up to what analysts have been saying for a while: Despite its enormous market capitalization, Apple’s stock has been undervalued relative to its even more enormous profits.
Nike, Reebok settle fight over Tebow apparel
NEW YORK — Reebok has thrown in the towel in its effort to sell New York Jets Tim Tebow jerseys and T-shirts. The terms of a settlement with Nike were disclosed Tuesday.
Reebok must eliminate from the sales chain any Tebow clothing it manufactured after the quarterback’s trade last month from the Denver Broncos to the Jets.
Nike had sued in Manhattan, saying Reebok was infringing on its licensing rights.
A federal judge had said Nike Inc. was likely to succeed. Nike took over licensing rights for National Football League apparel at the beginning of April.
Nike spokeswoman Mary Remuzzi said the company is “pleased to have reached a mutually agreeable resolution.”
Reebok International Ltd. did not immediately respond to a request for comment.
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