Exxon tops Apple as most valuable company

  @maureenmfarrell January 25, 2013: 4:39 PM ET
apple exxon stock

Click chart for more on Apple's stock.


Apple's reign as the world's most valuable company ended Friday.

Exactly one year after Apple (AAPL, Fortune 500) became the world's most valuable company, it lost that title to Exxon (XOM, Fortune 500) as its shares slipped to $439.88.

The precipitous decline has caused Apple's stock to drop in value by about $250 billion since hitting its all-time high of $705 in late September 2012. Since then, the stock has also tumbled more than 35%.

With its market capitalization hovering around $413 billion, Apple is now worth $5 billion less than Exxon.

Apple's stock plunged more than 12% Thursday, after the company disappointed investors with its somewhat tepid forecasts for iPhone sales. Shares of Apple continued to fall Friday, sliding more than 2%.

"It's a fire sale right now. A lot of retail investors who bought at much higher prices have panicked," said Laurence Balter, chief market strategist at Oracle Investment Research.

Still, Balter said that while individual investors may be racing out of the stock, mutual funds and other so-called institutional investors have been buyers over the past several days.

Related: What Apple's earnings really mean

With the recent decline, Apple is a relative bargain, trading at nearly 10 times earnings estimates, down from a PE of 15 when the stock was at its highest point. Compare that to Google (GOOG, Fortune 500), which currently trades at 16 times its expected 2013 earnings.

A slew of analysts swiftly downgraded Apple's stock after the company's disappointing iPhone sales outlook. That's not helping the stock much.

CNNMoney's Hibah Yousuf contributed to this report. To top of page

Join the Conversation
Sponsored by
Index Last Change % Change
Dow 16,408.54 -16.31 -0.10%
Nasdaq 4,095.52 9.29 0.23%
S&P 500 1,864.85 2.54 0.14%
Treasuries 2.72 0.08 3.19%
Data as of 4:41am ET
Company Price Change % Change
Bank of America Corp... 16.15 0.00 0.00%
Facebook Inc 58.94 0.00 0.00%
General Electric Co 26.56 0.00 0.00%
Cisco Systems Inc 23.19 -0.02 -0.09%
Micron Technology In... 23.91 0.00 0.00%
Data as of Apr 17
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.24%
15 yr fixed3.39%3.26%
5/1 ARM3.36%3.27%
30 yr refi4.34%4.22%
15 yr refi3.38%3.24%
View rates in your area
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.