Apple Loses to Exxon Mobil as World’s Most Valuable Company
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Apple Inc. surrendered the title of the world’s most valuable company to Exxon Mobil Corp. after concern over slowing growth drove the shares to the biggest loss in the Standard & Poor’s 500 Index.
Apple’s 12-month reign as the No. 1 stock ended after the shares slumped 17 percent this year, worse than any other companies in the benchmark gauge for U.S. equities. The decline reduced its market capitalization to $413 billion, below Exxon Mobil’s $418 billion.