Apple jumps to No. 121 on Fortune 500

Apple jumped 38 spots to No. 121 on Fortune's annual listing of the top 500 US corporations. The company, which saw its revenues increase nearly 40 percent and its and profits surge by almost 50 percent from 2005, has a market value of $80.6 billion. Apple ranks fourth in its industry behind Hewlett-Packard (No. 14), IBM (No. 15), and Dell (NO. 34), but ahead of Xerox (No. 145), Sun (No. 187), and Gateway (No. 529). Wal-Mart, the world's largest retailer, reclaimed its spot as America's largest corporation on this year's Fortune 500 list, according to the most recent issue of Fortune Magazine. The retailer edged out Exxon Mobil, marking the fifth time in the last six years it has claimed the No. 1 spot. General Motors, Chevron, and ConocoPhillips rounded out the top 5, while Internet search giant Google jumped 112 spots to No. 241.

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