“Apple Inc. surrendered the title of the world’s most valuable company to Exxon Mobil Corp. after concern over slowing growth drove the shares to the biggest loss in the Standard & Poor’s 500 Index,” Sarah Pringle and Lu Wang report for Bloomberg.
“Apple’s 12-month reign as the No. 1 stock ended after the shares slumped 18 percent this year, worse than any other companies in the benchmark gauge for U.S. equities,” Pringle and Wang report. “The decline reduced its market capitalization to $412 billion, below Exxon Mobil’s $417 billion.”
Pringle and Wang report, “About $245 billion has been erased from Apple’s value since the Cupertino, California-based company rose to an all-time high in September. Even as Chief Executive Officer Tim Cook guided Apple to record iPad and iPhone sales, investors worry about management’s ability to keep producing hit products more than a year after the death of co-founder Steve Jobs.”
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MacDailyNews Take: The hits just keep on comin’!