Apple Market Cap: Things continue to go from bad to worse for Apple Inc. (NASDAQ:AAPL). FOX Business, along with multiple other outlets, have touched on the fact that the Cupertino-based company’s market cap has gone below the $400 billion mark today. This signifies the first dip below this threshold in more than a year.
Apple is actually the smart money’s second favorite publicly traded company (see why it’s important to pay attention to hedge fund activity).
With this most recent decline, ExxonMobil is now the world’s most valuable company.
Here is some additional information from the same FOX Business piece:
“The decline of nearly 2% marks the latest stumble for Apple, which has now seen its stock plunge as much as 40% since topping out at all-time highs of $705 back in September.”
It is hard to pinpoint the exact problems for Apple Inc. (NASDAQ:AAPL) right now, but many believe it to be related to competition from companies including Samsung. For instance, the South Korean company is releasing its Galaxy S4 to the public in New York City on March 14. There is a good chance that this new smartphone will bite even further into Apple’s market share.
So, where do things stand right now for Apple? For many months, its stock has been in a slump. At the present, it is “now trading more than 26% below its 200-day moving average for the first time since the end of the last bear market in March 2009.”
With this in mind, you may be wondering how far ahead ExxonMobil is right now. The FOX Business article notes the following:
“In late morning trading, ExxonMobil sported a market cap of $399.06 billion, edging just slightly by Apple’s market cap of $397.28 billion.”
As you probably know, this is not the first time Apple Inc. (NASDAQ:AAPL) has lost its spot at the top. Earlier this year, ExxonMobil overtook the tech giant.
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DISCLOSURE: I have no positions in any stock mentioned.
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