Apple poised to become most valuable company

Despite the troubles on Wall Street, some companies are doing quite well. For instance, Apple's stock was up nearly six percent today. CBS News correspondent Ben Tracy reports Apple is now on the verge of overtaking Exxon Mobil as America's most valuable company.

While Exxon continues to pump its profits with old-fashioned energy, Apple has done exactly what it said it would do: "Think different."

Apple sales have increased 80 percent this year -- about 10 times faster than the average company.

"They are very often the company who takes someone else's idea and they execute it better," said Molly Wood, executive editor at CNET.

Apple versus ExxonMobil, the battle for no. 1
Apple briefly passes Exxon as most valuable US co.

Apple's gravity-defying stock rise from roughly $5 per share to nearly $375 today began in 1997, when Steve Jobs returned as CEO.

The company debuted the iPod music player in 2001. The online iTunes music store has made Apple the world's largest music retailer.

Then in 2007 came the iPhone. The company has now sold 125 million of them.

Lately it's the iPad that's helping push Apple's stock. The company began selling these tablet computers last year and they're already changing the industry.

Steve Jobs has reportedly battled cancer, and some investors worry what becomes of Apple without him.

"I don't see a lot of reason for them to slow down in the immediate future," said CNET's Wood.

Analysts now believe Apple is on pace to become the world's first trillion-dollar company.

  • Ben Tracy

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