Exxon Mobil regains market-value crown from slumping Apple

NEW YORK Sat Jan 26, 2013 4:10am IST

A view of the Exxon Mobil refinery in Baytown, Texas September 15, 2008. REUTERS/Jessica Rinaldi

A view of the Exxon Mobil refinery in Baytown, Texas September 15, 2008.

Credit: Reuters/Jessica Rinaldi

Related Topics

Stocks

   

NEW YORK (Reuters) - Exxon Mobil Corp has reclaimed its place as the largest U.S. publicly traded company by market value one year after losing it to Apple Inc, as shares of the technology giant extended their recent fall on Friday.

Apple's market capitalization has fallen by about $250 billion - roughly the total market value of Google Inc - since hitting a high last September, when the stock traded above $700.

Apple shares traded as low as $435 before closing down 2.4 percent on Friday at $439.88, for a market value of roughly $413 billion. Exxon shares, up 0.4 percent on the day to $91.73, added to a market value of about $418.2 billion.

Apple "was clearly a momentum stock. Whenever the numbers behind momentum stocks stop, the momentum players are out and the stock tumbles," said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh.

There was heavy volume in Apple shares as they hit the session low shortly before the closing bell. The stock dropped by as much as $7, to $435 from $442, within the span of 1 second during the last minute of trading.

More than 50 orders were executed on NYSE Arca at $435 a share, according to Thomson Reuters time-and-sales data, in blocks as small as 100 shares and as large as 10,494 shares.

No other exchange executed orders at a price lower than $438 a share prior to the day's close. After those trades went through, the stock resumed its earlier levels around $442 a share before closing at $439.88.

Apple shares slid 12.4 percent on Thursday - their biggest percentage drop since late September 2008 - as disappointing holiday-period iPhone sales reinforced fears the company is losing its dominance in smartphones.

Apple shipped a record 47.8 million iPhones in the December quarter, up 29 percent from a year earlier. But that lagged the 50 million that analysts on average had projected.

"They make great products, expensive products, but as a value investor I'm interested in the unloved stocks, just not the recently unloved ones," Forrest said.

Apple's reign as largest company by market value began in the last week of January 2012, when it surpassed Exxon.

(Editing by James Dalgleish, Sofina Mirza-Reid and Matthew Lewis)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

RBI Policy Review

RBI Policy Review

RBI keeps rates on hold, warns on inflation  Full Article 

Monsoon Season

Monsoon Season

India's 2014 monsoon ends with double-digit rain deficit .  Full Article 

Cleanliness Drive

Cleanliness Drive

Modi orders officials to clean loos on Gandhi's birthday.  Full Article 

Bid to Boost Trading

Bid to Boost Trading

RBI takes small steps to deepen markets.  Full Article 

Car Recall

Car Recall

Maruti Suzuki says to recall 69,555 cars.  Full Article 

China Factory Data

China Factory Data

China final HSBC PMI steady in September on stronger global demand but risks remain  Full Article 

Oil Demand

Oil Demand

India's thirst for oil grows even as China cuts back  Video 

EBay Divests PayPal

EBay Divests PayPal

EBay to spinoff PayPal in 2015  Full Article 

New 'Windows'

New 'Windows'

Microsoft names next operating system 'Windows 10'.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage