The two-day plunge in shares of Apple Inc. (NASDAQ:AAPL), the most valuable technology company, has cost it the title of world’s most valuable company; Exxon Mobil Corp. (NYSE:XOM), has regained the title.
Apple 's market vakue fell below Exxon's at midday Friday, a year after it surpassed it for the sixth time and continued its rise to the $705.07 mark on Sept. 21. By the close, Apple shares fell to $439.88, down $10.62. valuing the Cupertino, Calif., electronics company at only $413.06 billion.
Exxon Mobil shares closed at $91.73, up 38 cents, valuing the Irving, Tex.-based energy giant at $418.23 billion.
Apple’s slide began Thursday after the company reported a record first quarter of revenue but issued a lower-than-expected forecast for second-quarter revenue and earnings.
Since Wednesday, shares of Apple have lost 13 percent of their value, erasing about $63 billion in the company’s market capitalization.
Apple shares set their all-time high of $705.07 on Sept. 21, when the company began to ship the iPhone 5.
Exxon Mobil first lost the title to Apple on Aug. 10, 2011.