August 10, 2011 in City



Apple on Exxon Mobil’s heels

NEW YORK – Apple briefly surpassed Exxon Mobil on Tuesday as the nation’s most valuable company.

The iPhone and iPad maker had the lead for much of the afternoon before its stock closed just behind Exxon’s. The two companies are so close that Apple is likely to keep the top spot soon.

Apple Inc.’s stock gained 5.9 percent to $374.01 on Tuesday, bringing its market capitalization to about $347 billion.

Exxon Mobil Corp.’s stock, meanwhile, closed up 2.1 percent at $71.64. That gives the oil company a market cap of $348 billion. Its stock was down earlier in the day, allowing Apple to take the lead.

Associated Press

GM has new model for China

BEIJING – General Motors Co. on Tuesday launched a new low-priced sedan in China as part of a push to develop new business in untapped areas of the world’s largest automobile market.

The Baojun 630 is initially being targeted at drivers in the country’s second and third tier cities outside the major markets of Beijing, Shanghai and Guangzhou, GM said in a news release.

GM’s Baojun 630 will be equipped with a 1.5-liter engine and come in three models that range in price from $9,760 to $11,470, the company said.

Associated Press

Wal-Mart ending MP3 sales

Wal-Mart Stores Inc. is ending its digital music sales this month after seeing increased competition.

The world’s largest retailer confirmed Tuesday that it will stop selling MP3s as of Aug. 29. Customers who already bought digital music through its site may continue to use and manage their music there.

Wal-Mart began selling digital music in 2003 to compete with Apple’s iTunes, which has become the largest seller of digital music.

Associated Press

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