IBM tops Microsoft in market value, then slides back
NEW YORK — IBM briefly topped Microsoft in market value on Wall Street on Friday to become the second-largest technology company after Apple.
But IBM shares lost 0.25 percent to close at $170.16, giving the New York-based company known as “Big Blue” a market capitalization of $206.1 billion.
Microsoft shares shed 0.91 percent to close at $24.49, giving the US software giant a market capitalization of $206.5 billion.
During mid-day trading, however, IBM shares hit a high of $171.15 and the company topped Microsoft in market value at one point.
Apple, maker of the Macintosh computer, the iPod, iPhone and iPad, dethroned Microsoft in market capitalization in May of last year to become the largest US technology company in terms of market value.
IBM announced meanwhile that it is investing an additional $100 million in data analytics and unveiled new software and services to help clients manage large amounts of data.
“The volume and velocity of information is generated at a record pace,” Steve Mills, senior vice president of IBM Software and Systems, said in a statement.
“This is magnified by new forms of data coming from social networking and the explosion of mobile devices,” Mills said.
“Through our extensive capabilities in business and technology expertise, IBM is best positioned to help clients not only extract meaningful insight, but enable them to respond at the same rate at which the data arrives.”
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