Something to Think About...

How Long Can Apple Stay On Top?

It's the biggest company now, but consumers are fickle, management makes mistakes and competitors don't sit still. Here's a look at the 7 companies who've been No. 1 in the past 20 years:

Philip Morris - March 1992. The company's current name, Altria Group (MO), wasn't coined until 2003. Marlboro remains the world's best-selling cigarette brand to this day.  Under Hamish Maxwell and Mike Miles, Philip Morris had generated five consecutive years of earnings growth of at least 20% annually, thanks in part to acquisitions of General Foods in 1985 and Kraft Foods in 1988. But domestic tobacco sales were slowing.

Exxon Mobil (XOM) - from April 1992 through October 1992

Wal-Mart Stores - November 1992 through January 1993. Twenty years ago, Wal-Mart Stores (WMT) ascended to corporate champ. The company was ringing in record sales and earnings and expanding across the country with new stores, supercenters and Sam's Clubs. It is still the top retailer in the world with over $400 billion in sales.

AT&T- May 1993 through August 1993. This wasn't Ma Bell's first time to occupy the top spot -- she'd been queen of the markets in the early 1980s. That was before the phone giant -- with a nudge from the U.S. Department of Justice -- divested its local operating companies in 1984 while retaining its manufacturing arm and long-distance operations. The breakup resulted in the creation of seven regional holding companies (aka Baby Bells), as well as a six-year stretch of steadily declining long-distance rates.

General Electric - September 1993 to August 1998.  These were the reaping years for Jack Welch. He had been chief executive of General Electric (GE) since 1981, and the fruits of his reign ripened in the 1990s. He'd spent the previous decade slimming down the company and redefining it -- laying off employees, selling off manufacturing businesses and buying up financial-services companies.

Microsoft - September 1998 through March 2000.  Their ascent was fueled by 23 consecutive years of record sales and earnings (the company was founded in 1975; it went public in 1986). The colossus of Redmond, Wash., had its share of lovers and haters. In June 1998, it launched its Windows 98 operating system in 40 countries. The software would end up on the overwhelming majority of new personal computers.

GE took over #1 again until 2005

Exxon Mobil - February 2005 through August 2011. Oil prices hit an all-time high in 2008. That year, Exxon Mobil clocked record revenues and profits. The company has ranked among the 10 largest companies in the country for decades. It remains the world's largest publicly traded energy company.  Exxon Mobil's history stretches back more than 125 years.

Apple - September 2011 through today.  Walk the streets, sit in a restaurant, ride the train -- wherever you go, you'll see people using iPhones or iPads (or both). Wildly popular products explain why Apple (AAPL) is now at the top of the heap. The company's profits have grown at a stunning annualized pace of 59% over the past 10 years, and the company sits on an astounding $117 billion in cash.  Apple's market value of $548 billion exceeds that of its nearest rival, Exxon Mobil, by more than $125 billion. 

Who will push it aside?