Exxon Mobil hits another record high

As we look ahead to tomorrow morning's earning report from Exxon Mobil (NYSE: XOM) the stock has yet again set a new all time high in today's market. After opening the day at $78.84, shares of XOM hit a new all time high of $80.20 and are currently trading up 1.9% to $80.07. The company announced earlier today that it was raising its dividend by 9.4% to 35 cents, up from 32 cents.

At this point it seems pretty clear that the DOW is going to be closing above 13,000 for the first time in its history, and it seems fitting that the company with the largest market cap should also be treading new waters. Exxon Mobil currently ranks #1 in size with a total market cap of $455.3 billion.

XOM stock has definitely been scorching lately. Even with the stock being hit with multiple downgrades this week, traders just keep pushing shares higher. The whole investing world is going to paying close attention to tomorrow's earning release. Should the company come through again with another upside surprise look for the stock price to be headed to the high $80's over the next couple of weeks.

I will be posting the results of tomorrow's earnings release as soon as they become available. Also be sure to check in at 11 AM EST as I will be liveblogging the current earnings conference call. I will have live updates throughout the entire call.

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.

DISCLOSURE: Mr. Fowlkes owns and/or controls diversified portfolios of long and short stock and option positions that include holdings in XOM.