Another insult to Apple: Exxon is more valuable
The oil giant's market value overtakes that of the iPhone and iPad maker for the first time in a year.
Here's a consequence of Apple (AAPL) shares falling more than 37% since mid-September. When trading ended on Friday, Apple was no longer the world's most valuable company. The king is Exxon Mobil (XOM) for the first time in more than a year.
Apple closed at $439.88, down $10.62 on Friday, finishing with a market capitalization of $413.03 billion.
Exxon closed up 38 cents to $91.73. Its market cap was $418.3 billion.
The last time Exxon Mobil was the most valuable company was on Jan. 4, 2012, when its market cap was $392.2 billion and Apple's was at $388.2 billion.
The next day, Apple jumped $2.21 to $413.44, pushing its market cap to $392.5 billion. Exxon was up 2 cents to $86.02, moving its market cap to $392.25 billion.
Exxon shares are up 6% in January; Apple's shares have slumped 16.4%.
Apple and Exxon have been vying to be the most valuable company for the better part of two years. Apple's market cap first exceeded Exxon's on Aug. 1, 2011.
By the time Apple shares hit a closing high of $702.10 on Sept. 19, its market cap had reached $659.3 billion. That was about 58% greater than Exxon's $417.9 billion.
The title of world's most valuable company changes with some regularity. On Dec. 27, 1999, Microsoft (MSFT) was the most valuable, with a market cap of $613 billion. Apple topped that record in last August 2012. (Microsoft is the parent of MSN Money). Exxon overtook General Electric (GE) as the top dog on Feb. 18, 2005.
Between 1998 and 2005, GE and Microsoft alternated as the most valuable company.
Apple shares have tumbled by more than a third since peaking in September, in part because of concerns its growth rate would pull back. In addition, the stock has been the most widely held holding of hedge funds, which can dump a position in a heartbeat.
The company's fiscal first-quarter results and its guidance for the second quarter, released late Wednesday, disappointed investors. The shares fell $63.51, or 12.4% on Thursday.
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Seriously, what is this article doing in the MONEY section anyway?!?
It is vaugely interesting information about who is tops in market cap, but it is kinda stupid don't you think?
Is Tim Cook sulking now? Is Exxon's board celebrating now because their outlook is somehow different? Are my 401k's going to completely change their distributions because of this one fact?
This article isn't information as much as it's entertainment.
Who cares..it is nonsense to bother with this travesty is "shuffling" the money. Same crappola...same deal. Your 401 K's and pension plans are just nonsensical at this point if you have not figured that out.
It will stop and soon enough when the promoters have not one corner to back into. Have a nice weekend!
Why does the media tell us that Exon or Apple are the largest corporations in the world when in fact it is the Depository Trust Corporation?
Why does the media tell us Warren Buffet or Bill Gates are the richest men on the planet when they are poor in comparision to the Rothchilds?
Why do they not want the masses to know what is really happening in the world?
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[BRIEFING.COM] Stocks entered the weekend on a mixed note as the S&P 500 shed 0.1% while the Dow ended with a gain of 0.1%.
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The consumer staples sector was the lone exception as the group spent the entire day in positive territory thanks to the relative strength of Dow component Procter & Gamble (PG 81.89, +3.19). The second-largest staple stock advanced ... More
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