Apple named most valuable company of all time

  • 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.