To put Apple’s four-month stock slide into perspective, consider this: the value that the tech firm has lost since Sept. 19 is greater than Google’s market cap.
The 37 percent decline — sparked by fears of slowing growth — yesterday knocked the gadget giant from its spot as the most valuable company in the world.
Apple and CEO Tim Cook had worn the crown for 12 months.
But now ExxonMobil and CEO Rex Tillerson have that bragging right.
“You have one company that had pretty high expectations for it for the future and you have Exxon that continues to chip away slow and steady,” Jason Cooper, a money manager at 1st Source Investment Advisors, told Bloomberg.
Getty Images
Falling down: After 12 months as the world's most valueable company, Apple - and its CEO Tim Cook - lost the market-cap crown to Exxon Mobil yesterday as fears of slowing growth have cut the tech company's stock.
After passing Exxon last January, Apple posted an incredible year of increased profits and sales, leaving the Houston-based energy company in the dust.
The stunning run was only matched by a stunning decline, and yesterday Apple’s stock was back where it was when it first topped Exxon.
Apple shares dropped another 2.4 percent yesterday to a $413.1 billion market cap. Exxon closed with a market cap of $418.2 billion.
Market cap is figured by multiplying the number of shares outstanding by the stock price.
Apple’s stock has been stumbling downward for months since the release of the iPhone 5 and the iPad Mini. Wall Street began to see that competition was serious from companies such as Samsung, whose mobile devices have started to challenge Apple.
This week Apple reported results from the holiday quarter, which showed record sales and revenue, but fell short of expectations. Its guidance for the current quarter also disappointed.
Apple has lost $250 billion in value since its September peak, an amount that’s close to the value of Citigroup and Bank of America combined. Of course, Apple has $137 billion cash on hand, enough to buy either bank.
gsloane@nypost.com
Losing its crown
This article
Losing its crown
can be opened in url
http://newspassed.blogspot.com/2013/01/losing-its-crown.html
Losing its crown
