Exxon Mobil overtakes Apple in market value
NEW YORK (REUTERS) - Exxon Mobil on Friday reclaimed its place as the largest United States (US) publicly-traded company by market value roughly one year after losing it to Apple Inc as shares of the tech giant extended their fall.
Apple's market capitalization has fallen by about US$250 billion (S$307 billion) - roughly the market value of Google Inc - since hitting a high last September, when the stock traded above $700.
Apple shares traded down 2.7 percent on the day near $438, for a market value of roughly $411.4 billion. Exxon shares, up 0.3 percent on the day at $91.59, added to a market value of about $417.6 billion.
Apple "was clearly a momentum stock. Whenever the numbers behind momentum stocks stop, the momentum players are out and the stock tumbles", said Ms Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh.