Apple Inc. (NASDAQ:AAPL) is no longer the most valuable company in the world. Right now you might be having a bit of déjà vu because this just keeps on happening this year. Today shares of Apple Inc. (NASDAQ:AAPL) dipped below $400 briefly for the first time since December 2011.
Last month Apple Inc. (NASDAQ:AAPL)’s market capitalization pulled it below Exxon Mobil Corporation (NYSE:XOM), but it didn’t take long for the company to take the crown back. The same thing happened back in January, but again, Apple Inc. (NASDAQ:AAPL) pulled the crown back.
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Today’s decline in stock price gives Apple Inc. (NASDAQ:AAPL) a market capitalization of $380 billion, according to Fox News. Exxon Mobil Corporation (NYSE:XOM)’s market cap is just a few billion higher than that.
Seeking Alpha took a closer look at the market caps of Apple Inc. (NASDAQ:AAPL) and Exxon Mobil Corporation (NYSE:XOM). It’s pretty apparent that the only reason Apple is no longer on top is because of its fall from grace, which started right after its record high share price of $705, which it was at in September. While Apple Inc. (NASDAQ:AAPL) was falling from its record high, Exxon Mobil was staying about the same.
Apple Inc. (NASDAQ:AAPL)’s stock has fallen 44 percent since September, while Exxon Mobil lost less than 7 percent during the same time frame. Of course neither performance is great, but often it isn’t about which company is best, but about which company hurts the least.
Also today Apple Inc. (NASDAQ:AAPL)’s massive, falling bulk is weighing heavily on the NASDAQ. The NASDAQ Composite fell 55 points or 1.7 percent as several other technology stocks fell as well.