Forbes (August 21)
NASDAQ listed Apple “became the most valuable company in history on Monday in terms of market capitalization” when its market cap rose to more than $620 billion. In inflation-adjusted terms, however, Microsoft retains the crown. On December 30, 1999 Microsoft peaked around $618 billion, approximately $850 billion adjusted for inflation. With a current market-cap of about $257 billion, Microsoft is now valued at less than half of Apple.
Tags: Apple, Market-cap, Microsoft, Nasdaq
Wall Street Journal (January 3)
“For the third year in a row the world’s leading exchange for new stock offerings was located not in New York, but in Hong Kong. And even without counting Hong Kong’s $31 billion in deals, the various exchanges on the Chinese mainland slightly exceeded the $41 billion combined total of Nasdaq and the New York Stock Exchange, according to Dealogic.” The Journal blames the disappointing results on the cumbersome regulatory environment of the U.S. market since passage of the Sarbanes Oxley (SOX) Act.
Financial Times (July 26)
“Made in China, undone in America.” Chinese firms that list in the U.S., often through reverse mergers, have seen their popularity drop and shares slump as questions arise over the propriety of their books. Some of the world’s most respected investors, including John Paulson, have taken their lumps. As of July 20, the shares of four of these firms were trading at less than half the price they were initially sold to US investors. Meanwhile, one of the stocks had been de-listed from Nasdaq and all eight were trading far below their one-time highs.” This trend has raised questions about whether reporting and regulation in China fall short of international standards.
Tags: China, Financial reporting, Nasdaq, Regulation, Reverse mergers, U.S.
