Jan 28 2013, 1:40am CST | by Mark Raby
Oh how the mighty have fallen. It was just a matter of months ago when all the headlines in every business news outlet, technology news outlet, and even the national newspapers and new magazines ran headlines about Apple surpassing Exxon to become the most valuable company in the world. That title has now been given back to the oil giant.
Apple stock prices, which had already been on a decline for a matter of weeks, took a real dive when the company's quarterly earnings report was released. It dropped 12%, making the total value of all the company's stock just barely above $413 billion.
Exxon, meanwhile, has been holding relatively steady and it sits at around $418 billion. It's still a close race if you were just now taking a look at the stock prices, but if you look back to last year, when Apple's market capitalization appeared to be climbing up to the unfathomable $700 billion mark, the you know that things have been pretty sour over at Apple for the last four or five months.
In fact, Apple has already earned the crown as the losing-est stock so far in 2013, a title that nobody could have seen coming last summer.
The truth of the matter is that Apple's meteoric rise in the middle of 2012 was a bubble. It will take a lot of analyzing economists before it is every truly clear exactly what caused that catapult, and what caused the eventual falling off the cliff.
One thing that is clear, though, is that Apple is not down for the count. It is toiling away at coming up with new revenue streams, new market opportunities, and of course new products. Until that stuff comes to light, though, it's going to be an unsettling ride.
Via USA Today
With more than 10 years as a professional writer, Mark Raby has an undeniable pulse on the latest trends. From the quiet rumors to the breaking news of the day, his eagle eye is always focused on the newest scoop and figuring out how and why the big newsmakers are noteworthy and relevant. He is based in New York City.
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