Apple named most valuable company of all time
August 21 , 2012
Apple is now the most valuable company of all time, boasting a market value of $623 billion.
The firm has surpassed Microsoft's 1999 record of $620.58 billion.
The news comes ahead of the highly anticipated launch of the iPhone 5, along with reports of a smaller and cheaper iPad.
Apple shares hit $664.74 during midday trade in New York and closed at $665.15, which is 2.6 percent higher than Friday's close.
There is also growing speculation that Apple plans to make a TV set.