Exxon passes Apple as most valuable company

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Updated: 1/25/2013 3:22 pm

NEW YORK (AP) — Apple is ending the week as a runner-up.

The Cupertino-based tech giant was surpassed Friday by Exxon as the world's most valuable company.

Apple Inc.'s stock has been on the decline since the company's quarterly earnings report Wednesday suggested that its fast growth phase may be coming to an end.

Apple's stock fell 2.4 percent to close Friday at $439.88 for a market capitalization of $413 billion. That followed a 12 percent drop on Thursday.

Exxon Mobil Corp. gained 38 cents Friday to $91.73 for a market capitalization of $418 billion.

Apple first surpassed Exxon in the summer of 2011. The two companies traded places through that fall, until Apple surpassed Exxon for good in early 2012 — at least until Friday.

 

©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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