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Fortune's Top 20 Most Admired Companies list is out and Apple took the top spot, beating out companies like Google, Starbucks and FedEx. The Mac and iPod maker also topped the Fortune most admired company for innovation list.

"It is a tribute to its CEO that Apple, which ten years ago seemed headed for the slag heap, is No. 1 on this list. Steve Jobs has always had a knack for weaving magic out of silicon and software," Fortune noted. "But who knew he could build a $24 billion (in sales) company on the strength of a portable jukebox and a computer with a single-digit market share?"