Investors await iPad’s cliffhanger launch — Financial Times

Spurred in part by iPad anticipation, shareholder enthusiasm has more than doubled Apple’s market capitalisation in the past year, driving it past Google and Walmart. At $214bn, Apple is worth more than every US company but ExxonMobile and Microsoft.

Apple is trading at 23 times its profit from the past 12 months, which does not include iPad sales – higher than most companies, certainly, but well below Google’s price-to-earnings ratio of 28.

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