Earlier today, the electronics giant Apple (Nasdaq: AAPL) dropped as low as $437 per share. At the same time, Exxon Mobil Corp. (NYSE: XOM) shares almost hit $92 per share. During this time, Apple temporarily lost it’s top spot as the most valuable company in the world based on market capitalization.
Since the death of founder Steve Jobs, Apple’s stock price has been in steady decline. Even with record breaking sales in China and outstanding profits, Wall Street and investors still seem displeased. In fact, there have been many rumors and articles about teenagers saying that Apple products are no longer trendy. Is this an early indicator of their stock price falling even more?
Sales of their Mac PC (Personal computer) products have been slipping, but their mobile and tablet products are still doing well. Unfortunately, they are tangled in patent lawsuits with their largest rival, Samsung. Moreover, they are losing more market share to Google’s Android OS (Operating System) each day. Maintaining a foothold in the OS market will be key because it generates huge revenues from the sale of apps.
When the markets closed today at 4pm, Apple no longer held the title of “Most Valuable Company” based on market capitalization. With variations from after market trades, the approximate value of Apple is about $413 billion, whereas Exxon Mobil is now about $418 billion. It’s unsure when Apple will retake it’s throne, but equity analysts are optimistic about the stock and predict share prices will definitely be seeing the $600 range again.