A year after it took the mantle of the world's most valuable company from ExxonMobil (NYSE: XOM), Apple Inc. (NASDAQ: AAPL) had to hand it back following several difficult weeks which have seen its share price fall to a 12 month low.
Apple first overtook ExxonMobil as the world's largest publically traded company on the 10th of August 2011 when Apple closed on $363.69 a share, and Exxon closed at $68.03 a share.
Since a record high last September shares have fallen by 37%.
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Shares in Apple closed down 2.4% at a value of $439.88 a share, giving it a total market capitalisation of $413.06 billion; ExxonMobil on the other hand finished 0.4% up at $91.73 and a market capitalisation of $418.23 billion. Apple's shares did manage to pass Exxon during the day, but could not hold that position at the close.
For the year to date Apple's shares have dropped more than 17%, making it the worst performing company on the S&P 500 Index; the largest drop came on Thursday when the share value dropped by 12% on the back of disappointing growth forecasts, despite the record earnings also published. ExxonMobil on the other hand gained nearly 6%.
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com More