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Apple Stock Prices: Apple No Longer No. 1

Apple Stock Prices: We recently brought you news that Apple Inc. (NASDAQ:AAPL) stock is once again facing trying times. In fact, it hit its 52-week low earlier today. As you can imagine, Apple’s dip was enough to drag down all of the technology sector.

Steve JobsThis is bad news both for investors as well as Apple Inc. (NASDAQ:AAPL) itself. Along with this, the fall below $400 has had another effect on the company. For now, it is no longer the world’s most valuable publicly traded company.

That right currently belongs to Exxon Mobil.

Of course, this can and does change often especially with Apple’s stock bouncing all over the place as of late.

Earlier today, the stock hit its lowest level since December of 2011 when it fell all the way to $398.11. Despite a recent recovery to $404 in early afternoon trading, things are not looking good for the company and its investors right now.

Like many, you are probably trying to get a better idea of what the problem is. One of the main concerns is a report by Cirrus Logic Inc, a company that supplies the company with audio chips, saying that sales are slowing down as an “unnamed customer moves to a new component.”

As being reported by Fox News, analyst Peter Misek at Jefferies & Co. believes that this will result in a “big decline in Apple sales in the April to June period.”

Earlier today, we covered a CNBC interview with Alex Gauna in which he showed some concern about intense competition that may also be causing Apple Inc. (NASDAQ:AAPL) some trouble. He said, “I think the magnitude is worse than what people were thinking. But the magnitude of this coupled with the success that Samsung continues to have in the market, have investors very nervous on this stock.”

Apple is facing a rough patch, and for now it means that the company is no longer the most valuable publicly traded company in the world. This doesn’t mean much, outside of the title, but is something that shows how far Apple Inc. (NASDAQ:AAPL) has fallen to this point.

Check back here for more updates on Apple Stock Prices.

DISCLOSURE: I have no positions in any stock mentioned.

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