Apple, the maker of iPhones, has toppled the world’s biggest company in value, despite the coronavirus pandemic.

Friday, Apple’s stock closed at an all-time high of $425 and change with a market cap of $1.8 trillion, as tracked by the Dow Jones Market Data Group. For the year, shares have advanced 44.7 percent to a fresh record.  Conversely, Aramco’s stock is down 6.4 percent since the end of December.

BIG TECH CEOS DIVIDED ON CHINA TECHNOLOGY THEFT

Aramco, Saudi Arabia’s majority state-owned oil conglomerate’s market value sits at $1.7 trillion. The price of oil has been hammered in the global pandemic as airlines and cruise lines came to virtual standstills amid the height of the coronavirus and with many consumers continuing to work from home and limiting automobile travel.

Apple reported a blowout quarter on Thursday posting an 11 percent jump in revenues to $59.7 billion exceeding Wall Street estimates, despite 25 percent of global stores still closed.

APPLE TO SPLIT STOCK FOLLOWING BLOCKBUSTER EARNINGS

And in an extra bonus, it unveiled a four-for-one stock split that may entice a new crop of investors. The move is offered “to make the stock more accessible to a broader base of investors,” according to the earnings release.

At the close of the market on August 24th, each Apple shareholder of record will get three extra shares for every share held. Split-adjusted trading will begin on August 31. Apple previously had a 7-for-1 stock split in 2014.

Photographer: David Paul Morris/Bloomberg via Getty Images

In another broad bullish sign, CEO Tim Cook, in an interview with FOX Business, said he is optimistic the U.S. economy is headed for a strong rebound.

“I’m still bullish because we went into this very strong. And I think, I think more stimulus is required, but I’m optimistic that will occur. And yeah I do, I do think that we can, we can have a strong bounce-back” said Cook.

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What happened

Shares of Apple (NASDAQ:AAPL) leapt 10.5% to a new closing high of $425.04 on Friday, following the company’s expectation-crushing third-quarter results.  

So what 

Despite a host of coronavirus-related challenges, Apple’s revenue jumped 11% year over year to $59.7 billion. The technology giant’s profit growth was even more impressive. Its earnings per share climbed 18%, to $2.58. Wall Street had expected revenue and EPS of only $52.3 billion and $2.04. 

Apple’s stock hit a record high on Friday. Image source: Getty Images.

The gains were broad-based, with Apple experiencing solid growth across its iPhone, Mac, iPad, wearables, and services businesses. 

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” CEO Tim Cook said in a press release. “In uncertain times, this performance is a testament to the important role our products play in our customers’ lives, and to Apple’s relentless innovation.” 

Now what

Apple also announced a 4-for-1 stock split to “make the stock more accessible to a broader base of investors.” Shareholders of record at the close of business on Aug. 24 will receive three additional shares for every Apple share they own. Apple’s shares will begin trading on a split-adjusted basis on Aug. 31.

Judging by the stock’s gains on Friday, investors appreciated the news.

Fitch Ratings on Friday turned more negative on the outlook for the gold-plated U.S. credit rating. High fiscal deficits and debt were already on a rising medium-term path before the onset of the huge economic shock precipitated by the coronavirus, the ratings agency said in giving the U.S. a “negative” outlook, while maintaining a AAA rating. The U.S. had the highest government debt of any AAA-rated sovereign heading into the crisis, and Fitch expects general government debt to exceed 130% of GDP by 2021. The U.S. sovereign rating is supported by structural strengths that include the size of the economy, high per capita income and a dynamic business environment. Fitch considers U.S. debt tolerance to be higher than that of other ‘AAA’ sovereigns. Fitch said it expects negative real interest rates and continued loose monetary policy at the Federal Reserve to provide some support to public debt dynamics. The report also looked ahead to the November election. “The odds of Democrats overturning the Republican majority in the Senate have shifted in their favor over the past quarter, but it is unlikely that either party will achieve a 60-seat majority,” Fitch analysts wrote. “A continuation of policy gridlock is a risk. Political polarization may weaken institutions and reduces the scope for bipartisan cooperation, hindering attempts to address structural issues (including some highlighted by the pandemic and protests) but also longer-term fiscal challenges.”

A South Korean resident put a whole new spin on “money laundering” by tossing cash into a literal washing machine — in order to clean off potential coronavirus germs.

The person, identified only by the surname Eom, damaged at least 23 million won ($19,320) near Seoul earlier this year, then contacted the Bank of Korea to ask if it could be exchanged for new bills, the bank said in a statement.

It is unclear exactly how much money was damaged but the bank said it returned 507 of the damaged 50,000-won ($42) bills at half value. Bank rep Seo Jee Woun said the total amount of moolah lost during the sudsy snafu was “considerable.”

Under the bank’s policy, it will provide new cash at face value if damage is minimal, and half value — or not at all — damage is significant.

Earlier this year, a different person with the surname Kim, damaged cash in a microwave during an attempt to zap away coronavirus germs. The bank exchanged Kim’s damaged money with $4,370 in new bills, Seo said.

With Post wires

A South Korean resident put a whole new spin on “money laundering” by tossing cash into a literal washing machine — in order to clean off potential coronavirus germs.

The person, identified only by the surname Eom, damaged at least 23 million won ($19,320) near Seoul earlier this year, then contacted the Bank of Korea to ask if it could be exchanged for new bills, the bank said in a statement.

It is unclear exactly how much money was damaged but the bank said it returned 507 of the damaged 50,000-won ($42) bills at half value. Bank rep Seo Jee Woun said the total amount of moolah lost during the sudsy snafu was “considerable.”

Under the bank’s policy, it will provide new cash at face value if damage is minimal, and half value — or not at all — damage is significant.

Earlier this year, a different person with the surname Kim, damaged cash in a microwave during an attempt to zap away coronavirus germs. The bank exchanged Kim’s damaged money with $4,370 in new bills, Seo said.

With Post wires

Hackers backed by the Chinese government attempted to steal coronavirus vaccination data from US-based biotech company, Moderna Inc., a U.S. security official tracking Chinese hacking revealed in an exclusive Reuters report Friday.

China pushed back on this accusation and said, “Such allegations are pure slander.”

“Recently so-called sources from the US government have been accusing China of hacking to steal technology and data of U.S. vaccine research, but there has been no evidence whatsoever,” Wang Wenbin, Chinese Foreign Ministry spokesman, said in a press conference Friday.

Webin pointed to the fact that the intelligence sources were all anonymous.

“The international community can see through such vilifying ploys,” he said.

CHINA HITS US WITH BLAME FOR ‘POISONED’ RELATIONS WITH UK OVER FAILED HUAWEI DEAL

The spokesman said that China in fact is worried about potential hacking from foreign actors attempting to steal their data in the race to find a vaccination for the coronavirus.

“As we’ve repeatedly said, China is leading the world in COVID-19 vaccine research and development,” Webin told reporters Friday. “We don’t need to get ahead by theft and we have never done that.”

The Justice Department (DOJ) indicted two Chinese nationals working for the Chinese intelligence agency, the Ministry of State Security (MSS), last week for alleged hacking U.S. and international systems.

“The hackers stole terabytes of data which comprised a sophisticated and prolific threat to U.S. networks,” the DOJ said in a statement on July 21.

DOJ CHARGES CHINESE HACKERS WITH TRYING TO STEAL US COVID-19 RESEARCH

“The defendants probed for vulnerabilities in computer networks of companies developing COVID-19 vaccines, testing technology, and treatments,” the DOJ added.

According to the FBI, the hackers targeted vulnerabilities, placed malicious “web shell programs” and credential stealing software that allowed them to access victims computers remotely.

The suspects targeted eight victims affiliated with “technology designs, manufacturing processes, test mechanisms and results, source code, and pharmaceutical chemical structures.”

The DOJ did not disclose the names of the victims or companies the hackers targeted.

But Moderna, who reportedly announced their COVID-19 vaccine candidacy in January, were contacted by the FBI and made aware of the suspected hacking, related to the indictment last week, according to Reuter’s report.

CLICK HERE TO GET THE FOX NEWS APP

Moderna could not be immediately reached for comment.

The U.S. government has reportedly given Moderna nearly half a billion in funding to support their coronavirus research, making them one of the leading contenders in the U.S. and globally in finding a vaccine for the virus that has infected over 17 million and killed more than 677,000 people.

Moderna is expected to launch a clinical trial this month on up to 30,000 people.

Webin asked foreign governments to stop “smearing China with rumors” Friday. He then requested that the media community stop publishing information from anonymous sources that are “groundless.”

Hackers backed by the Chinese government attempted to steal coronavirus vaccination data from US-based biotech company, Moderna Inc., a U.S. security official tracking Chinese hacking revealed in an exclusive Reuters report Friday.

China pushed back on this accusation and said, “Such allegations are pure slander.”

“Recently so-called sources from the US government have been accusing China of hacking to steal technology and data of U.S. vaccine research, but there has been no evidence whatsoever,” Wang Wenbin, Chinese Foreign Ministry spokesman, said in a press conference Friday.

Webin pointed to the fact that the intelligence sources were all anonymous.

“The international community can see through such vilifying ploys,” he said.

CHINA HITS US WITH BLAME FOR ‘POISONED’ RELATIONS WITH UK OVER FAILED HUAWEI DEAL

The spokesman said that China in fact is worried about potential hacking from foreign actors attempting to steal their data in the race to find a vaccination for the coronavirus.

“As we’ve repeatedly said, China is leading the world in COVID-19 vaccine research and development,” Webin told reporters Friday. “We don’t need to get ahead by theft and we have never done that.”

The Justice Department (DOJ) indicted two Chinese nationals working for the Chinese intelligence agency, the Ministry of State Security (MSS), last week for alleged hacking U.S. and international systems.

“The hackers stole terabytes of data which comprised a sophisticated and prolific threat to U.S. networks,” the DOJ said in a statement on July 21.

DOJ CHARGES CHINESE HACKERS WITH TRYING TO STEAL US COVID-19 RESEARCH

“The defendants probed for vulnerabilities in computer networks of companies developing COVID-19 vaccines, testing technology, and treatments,” the DOJ added.

According to the FBI, the hackers targeted vulnerabilities, placed malicious “web shell programs” and credential stealing software that allowed them to access victims computers remotely.

The suspects targeted eight victims affiliated with “technology designs, manufacturing processes, test mechanisms and results, source code, and pharmaceutical chemical structures.”

The DOJ did not disclose the names of the victims or companies the hackers targeted.

But Moderna, who reportedly announced their COVID-19 vaccine candidacy in January, were contacted by the FBI and made aware of the suspected hacking, related to the indictment last week, according to Reuter’s report.

CLICK HERE TO GET THE FOX NEWS APP

Moderna could not be immediately reached for comment.

The U.S. government has reportedly given Moderna nearly half a billion in funding to support their coronavirus research, making them one of the leading contenders in the U.S. and globally in finding a vaccine for the virus that has infected over 17 million and killed more than 677,000 people.

Moderna is expected to launch a clinical trial this month on up to 30,000 people.

Webin asked foreign governments to stop “smearing China with rumors” Friday. He then requested that the media community stop publishing information from anonymous sources that are “groundless.”

Hackers backed by the Chinese government attempted to steal coronavirus vaccination data from US-based biotech company, Moderna Inc., a U.S. security official tracking Chinese hacking revealed in an exclusive Reuters report Friday.

China pushed back on this accusation and said, “Such allegations are pure slander.”

“Recently so-called sources from the US government have been accusing China of hacking to steal technology and data of U.S. vaccine research, but there has been no evidence whatsoever,” Wang Wenbin, Chinese Foreign Ministry spokesman, said in a press conference Friday.

Webin pointed to the fact that the intelligence sources were all anonymous.

“The international community can see through such vilifying ploys,” he said.

CHINA HITS US WITH BLAME FOR ‘POISONED’ RELATIONS WITH UK OVER FAILED HUAWEI DEAL

The spokesman said that China in fact is worried about potential hacking from foreign actors attempting to steal their data in the race to find a vaccination for the coronavirus.

“As we’ve repeatedly said, China is leading the world in COVID-19 vaccine research and development,” Webin told reporters Friday. “We don’t need to get ahead by theft and we have never done that.”

The Justice Department (DOJ) indicted two Chinese nationals working for the Chinese intelligence agency, the Ministry of State Security (MSS), last week for alleged hacking U.S. and international systems.

“The hackers stole terabytes of data which comprised a sophisticated and prolific threat to U.S. networks,” the DOJ said in a statement on July 21.

DOJ CHARGES CHINESE HACKERS WITH TRYING TO STEAL US COVID-19 RESEARCH

“The defendants probed for vulnerabilities in computer networks of companies developing COVID-19 vaccines, testing technology, and treatments,” the DOJ added.

According to the FBI, the hackers targeted vulnerabilities, placed malicious “web shell programs” and credential stealing software that allowed them to access victims computers remotely.

The suspects targeted eight victims affiliated with “technology designs, manufacturing processes, test mechanisms and results, source code, and pharmaceutical chemical structures.”

The DOJ did not disclose the names of the victims or companies the hackers targeted.

But Moderna, who reportedly announced their COVID-19 vaccine candidacy in January, were contacted by the FBI and made aware of the suspected hacking, related to the indictment last week, according to Reuter’s report.

CLICK HERE TO GET THE FOX NEWS APP

Moderna could not be immediately reached for comment.

The U.S. government has reportedly given Moderna nearly half a billion in funding to support their coronavirus research, making them one of the leading contenders in the U.S. and globally in finding a vaccine for the virus that has infected over 17 million and killed more than 677,000 people.

Moderna is expected to launch a clinical trial this month on up to 30,000 people.

Webin asked foreign governments to stop “smearing China with rumors” Friday. He then requested that the media community stop publishing information from anonymous sources that are “groundless.”