WJTV News Channel 12 - Exxon passes Apple as most valuable company

Exxon passes Apple as most valuable company

Posted: Updated:
NEW 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 2.4 percent to $439.51 in midday trading Friday for a market capitalization of $412.7 billion. That followed a 12 percent drop on Thursday, the biggest one-day percentage drop for the company since 2008.

Exxon Mobil Corp. gained 22 cents Friday to $91.57 for a market capitalization of $417.5 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 multi-national 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.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Owner of Raleigh 'Party Mansion' guilty of tax evasion

    Owner of Raleigh 'Party Mansion' guilty of tax evasion

    Monday, April 14 2014 4:07 PM EDT2014-04-14 20:07:04 GMT
    Claude Verbal II, who now lives in Miami, pleads guilty to a number of federal tax evasion charges.
    Claude Verbal II, who now lives in Miami, pleads guilty to a number of federal tax evasion charges.
  • Mom bites off dog's ear to save daughter during attack

    Mom bites off dog's ear to save daughter during attack

    Tuesday, April 22 2014 2:49 PM EDT2014-04-22 18:49:19 GMT
    Image from CNN/KHOU-TVImage from CNN/KHOU-TV
    In a backyard in Alvin, swings a very lucky girl. Her name is Mackenzi Plass, or Kenzi for short, and she survived a dog attack and has undergone several surgeries."She'll be two and a half in May," said her very proud mother Chelsi Camp. "She's doing great. You wouldn't know it if you couldn't see."Mackenzi has scars on her face after the ordeal just weeks ago that put her mother's animal instincts to the test."You do whatever you can," said Camp. "I don't have physical strength at my side."...
    In a backyard in Alvin, swings a very lucky girl. Her name is Mackenzi Plass, or Kenzi for short, and she survived a dog attack and has undergone several surgeries."She'll be two and a half in May," said her very proud mother Chelsi Camp. "She's doing great. You wouldn't know it if you couldn't see."Mackenzi has scars on her face after the ordeal just weeks ago that put her mother's animal instincts to the test."You do whatever you can," said Camp. "I don't have physical strength at my side."...
  • NC judge to rule against teacher tenure state law

    NC judge to rule against teacher tenure state law

    Wednesday, April 23 2014 7:18 PM EDT2014-04-23 23:18:26 GMT
    A Guilford County judge is backing two school districts fighting a North Carolina law that phases out job protections for public school teachers in favor of employment contracts.
    A Guilford County judge is backing two school districts fighting a North Carolina law that phases out job protections for public school teachers in favor of employment contracts.
Powered by WorldNow

1820 TV Road
Jackson, MS 39204

Telephone: 601.372.6311
Fax: 804.819.5569
Email: wjtvnews@wjtv.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.