UPDATE 3-Exxon Mobil regains market-value crown from slumping Apple

Fri Jan 25, 2013 5:36pm EST

Related Topics

* Apple's losses since peak equal market value of Google
    * Heavy Apple volume at the end of Friday's session
    * Apple shares trade as low as $435

 (Updates prices, adds financial details)
    By Rodrigo Campos
    NEW YORK, Jan 25 (Reuters) - Exxon Mobil Corp has
reclaimed its place as the largest U.S. publicly traded company
by market value one year after losing it to Apple Inc,
as shares of the technology giant extended their recent fall on
Friday.
    Apple's market capitalization has fallen by about $250
billion - roughly the total market value of Google Inc 
- since hitting a high last September, when the stock traded
above $700.
    Apple shares traded as low as $435 before closing down 2.4
percent on Friday at $439.88, for a market value of roughly $413
billion. Exxon shares, up 0.4 percent on the day to $91.73,
added to a market value of about $418.2 billion.
    Apple "was clearly a momentum stock. Whenever the numbers
behind momentum stocks stop, the momentum players are out and
the stock tumbles," said Kim Forrest, senior equity research
analyst, Fort Pitt Capital Group in Pittsburgh.
    There was heavy volume in Apple shares as they hit the 
session low shortly before the closing bell. The stock dropped
by as much as $7, to $435 from $442, within the span of 1 second
during the last minute of trading.
    More than 50 orders were executed on NYSE Arca at $435 a
share, according to Thomson Reuters time-and-sales data, in
blocks as small as 100 shares and as large as 10,494 shares.
    No other exchange executed orders at a price lower than $438
a share prior to the day's close. After those trades went
through, the stock resumed its earlier levels around $442 a
share before closing at $439.88.
    Apple shares slid 12.4 percent on Thursday - their biggest
percentage drop since late September 2008 - as disappointing
holiday-period iPhone sales reinforced fears the company is
losing its dominance in smartphones.  

 
    Apple shipped a record 47.8 million iPhones in the December
quarter, up 29 percent from a year earlier. But that lagged the
50 million that analysts on average had projected.
 
    "They make great products, expensive products, but as a
value investor I'm interested in the unloved stocks, just not
the recently unloved ones," Forrest said.
    Apple's reign as largest company by market value began in
the last week of January 2012, when it surpassed Exxon.

 (Editing by James Dalgleish, Sofina Mirza-Reid and Matthew
Lewis)
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