Exxon passes Apple as most valuable companyBy BARBARA ORTUTAY
THE ASSOCIATED PRESS | January 26,2013NEW YORK — Exxon has once again surpassed Apple as the world’s most valuable company after the iPhone and iPad maker saw its stock price falter.
Apple Inc.’s stock has been on the decline since the company’s quarterly earnings report Wednesday suggested that its fast growth phase, rare for a company of its size, may be coming to an end.
Apple’s stock dropped 2 percent to $441.30 in midday trading Friday for a market capitalization of $414.5 billion. That followed a 12 percent drop Thursday, the biggest one-day percentage drop for the company since 2008.
Exxon Mobil Corp. gained 13 cents Friday to $91.48 for a market capitalization of $417 billion.
Apple first surpassed Exxon in the summer of 2011. The two companies traded places through that fall, until Apple surpassed Exxon for good in early 2012 — at least until Friday.
Apple’s stock price peaked in September at $705.07 on the day the iPhone 5 was released. Exxon, in the meantime, has been trading steady. Its business — oil — seems less prone to stock market ups and downs than the Cupertino, Calif.-based tech darling.
This year, investors seem unforgiving with Apple, looking for perfection and punishing the stock for anything less. The company’s stock price slipped below $500 for the first time last week, as investors saw signs that the iPhone 5 was falling behind competition from phones running Google’s Android software, especially those from Samsung Electronics Co.
The latest quarterly report added to the concerns. Apple warned that its revenue growth, which had been running at a speed more reminiscent of promising startups than multinational corporations, is slowing down considerably.
A big reason: It has been nearly three years since a new product has come from a company still seen as the embodiment of innovation. That last product, the iPad, came in 2010, when its CEO Steve Jobs was still alive. Some analysts question whether Apple can keep growing by just releasing new versions of its old products. The long-rumored Apple TV, is still just that, a rumor.MORE IN National / World BusinessNEW YORK — Worries about the outlook for growth in China and a slide in the price of oil pushed... Full StoryWASHINGTON — Fewer Americans bought homes in August, as investors retreated from real estate and... Full Story
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: On this day in 1852, Henri Giffard demonstrates the first steam-powered airship, sailing 17 miles from Paris to Trappes; on this day in 1877, Japanese imperial troops crush the Satsuma Rebellion, Saigo Takamori dies in Kagoshima.
- TOMORROW'S HEADLINES TODAY: U.S. Rep. Peter Welch meets with Killington business owners, governor candidates debate, Gov. Shumlin discusses progress in anti-opiate campaign, Spanos trial venue moves to White River Junction.
- RICHARD'S POOR ALMANACK: On this day in 1776, as Nathan Hale is hanged by British military authorities for spying, he utters his famous last words — or does he? In 1975, Sara Jane Moore attempts to kill President Gerald R. Ford in San Francisco.
- TOMORROW'S HEADLINES TODAY: Patrick McArdle reports and the theft of an $89,000 shotgun, police release a video of the Monday Castleton robbery, O'Gorman reports a lawsuit by a local man claiming his vehicle unlawfully seized, police leave him in cold.
- RICHARD'S POOR ALMANACK: Giles Corey of Salem, Mass., is pressed to death during the Salem witch trials; on this day in 1952, film comedian Charlie Chaplin, while traveling to England, is denied re-entry into the United States by U.S. attorney general.
- RICHARD'S POOR ALMANACK: Dutch father of microbiology Antonie van Leeuwenhoek discovers the existence of one-celled organisms; in 1967, The Doors are booked to play the Ed Sullivan show; in 1858, freedom fighter Dred Scott dies on this day in St. Louis.