Apple Hands Most Valuable Company Crown Back to Exxon

NewImage

It shouldn’t be a surprise that given that Apple’s stock has plummeted in the last couple days that it would no longer be the world’s most valuable company. Apple took the crown from Exxon in August of 2011 but stock losses this week ended that streak.

Bloomberg let the world know about the passing of the crown with this tweet:

Today Apple’s market cap dropped to $413.7 billion, below Exxon Mobil’s $416.5 billion, but for how long?

Realistically, Apple is in great shape. Best quarterly results ever. Lots of cash in the bank. Best-selling products. Conventional wisdom would suggest that this is really just a blip for Apple in the long term. And by the sounds of it, Tim Cook isn’t worried.

Via: 9to5Mac and Bloomberg

  • Kimk69

    Yeah, Tim’s not worried.

  • http://www.facebook.com/THExREALxTACO Jeremy Taco Patterson

    As somebody stated in the comment on one of the articles about Apple’s stock, what they need more than anything is a team dedicated to managing investor relations to help set more accurate valuation estimates and, more importantly, controlling investor expectations and reactions in the even they are a few dollars short of predictions.

    I do not for the LIFE of me understand how a company like APple can have record numbers and that be a bad thing in investors’ eyes…. It just does not make sense.

    • Jonathan

      What people fail to realize is there are various reasons for stocks to go up or down besides just earnings. Apple had record revenue, record sales in iPhones and iPads but its profits were flat YOY. Their profit margins are lower, Mac sales are down and there continues to be stiff/er competition on all fronts. From what I saw in sales from the US, a lot of iPhone sales were from upgrades and were, at least half, older generations. People are worried they might have reached a market saturation and with good sales of older generations they believe people are not as enthusiastic in having the latest and greatest. Apple stock is not a quick investment like it used to be.

      • Kraken

        I wonder if the reason why Apple’s profits are down is because they are trying to be a more responsible corporate citizen – switching to factories without child labor, opening factories in the USA, making Foxconn increase worker pay and reduce worker hours to reasonable levels, etc. If that is the case, Wall Street truly is the root of evil since to them only profits matter.

      • http://www.facebook.com/THExREALxTACO Jeremy Taco Patterson

        All valid points.

        I hold ZERO stock and never have, so I certainly don’t have any experience from which to speak.

        It just doesn’t make sense to me at all for a company to post record numbers, stellar sales of its 2 main devices, and put 31 BILLION in cash in the bank and it be seen as a sign of trouble.

  • Alex

    Okay, really, look at Apple’s executive roster.

    1) Who’s job is it to find the next ‘iPhone’ ?

    2) Who, if they thought of or found the next ‘iPhone’, has the authority to make it happen?

    Answer: No One.

    That’s the issue.