Apple Hits Record High On Robust Earnings

Apple Inc. hit a record of $120 Friday on a split-adjusted basis on continued momentum from stellar results. The iPhone maker earlier this week reported fiscal first-quarter earnings of $3.06 a share on strong iPhone demand. Analysts, surveyed by FactSet, had forecast earnings of $2.60 a share. Shares of Apple rose 0.4% to $119.34 in recent trading. The stock is up more than 5% this week and up 67% over the past 12 months. The strong run-up in Apple's stock has swelled the company's market capitalization to $692.56 billion, nearly twice as much as Exxon Mobil Corp. and Berkshire Hathaway Inc. .