Exxon Mobil passes Apple to again become world's largest company(Read article summary)
Apple first overtook Exxon Mobil as the world’s largest publically traded company in August 2011, Peixe writes, but after several difficult weeks, Apple will hand the mantle back to Exxon Mobil.
A year after it took the mantle of the world’s most valuable company from Exxon Mobil (NYSE: XOM), Apple Inc. (NASDAQ: AAPL) had to hand it back following several difficult weeks which have seen its share price fall to a 12 month low.
Apple first overtook Exxon Mobil as the world’s largest publically traded company on the 10th of August 2011 when Apple closed on $363.69 a share, and Exxon closed at $68.03 a share. (Related article: Kirkuk Poised for Conflict, BP Enters Fray)
Shares in Apple closed down 2.4% at a value of $439.88 a share, giving it a total market capitalisation of $413.06 billion; Exxon Mobil on the other hand finished 0.4% up at $91.73 and a market capitalisation of $418.23 billion. Apple’s shares did manage to pass Exxon during the day, but could not hold that position at the close.
For the year to date Apple’s shares have dropped more than 17%, making it the worst performing company on the S&P 500 Index; the largest drop came on Thursday when the share value dropped by 12% on the back of disappointing growth forecasts, despite the record earnings also published. Exxon Mobil on the other hand gained nearly 6%.