Feeds

Apple loses 'Most Valuable Company' honor to ExxonMobil

Mystery share dump pushes stock price down

Providing a secure and efficient Helpdesk

Apple lost its crown as the most valuable company in the world in terms of market capitalization on Friday, as the world's exchanges continue to downgrade its stock price.

Apple's stock price peaked in September at just over $700 per share, but has been falling steadily ever since. But in the last week, the world's exchanges have hammered the share price downwards, even after Apple released quarterly figures showing revenues were up 17.7 per cent year-on-year and its cash pile had increased 40 per cent to $137.1bn.

In the wake of this last set of hardly disastrous figures, Apple's share price has been falling. And at the close of markets on Friday its market capitalization dipped to around $416bn, $2bn less than oil-giant Exxon. The two companies had swapped top valuation honors during the day's trading, but a mysterious last-minute stock sale pushed Apple lower.

According to data analysis firm Nanex, Apple shares had a massive selling run just before the market closed, including one trade that dumped 800,000 Apple shares worth $350m onto the market at the end of the day.

Apple stock price

Stock market shenanigans

Apple's undisputed reign at the top of the stock market valuation tables appears to be over, and there'll be some schadenfreudic sniggering from opponents at Redmond over the collapse in Cupertino's share price. Microsoft, after all, managed to keep the world's most valuable crown for three years, while Apple managed it for less than half of that time.

Bootnote

As we clicked Publish on this article, Apple's share price was still flopping about below $450 during after-hours trading, and stood at $441 per share. That price bumps its market capitalization a wee bit above that of ExxonMobil – for the moment.

Tune in Monday, when the market decides whether it has spanked Apple sufficiently for its recent financial report. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.