After a bad day on the markets, Exxon Mobil has reclaimed the title of most valuable company in the world.
Apple's terrible, horrible, no good, historically bad day on the markets Thursday has spilled over into Friday, with Apple ceding back to Exxon Mobil the title of the most valuable company in the world. On the second day following Apple's latest earnings report, which led to a massive stock drop-off, the divide arrived again: As of midday, Apple's market cap had faded to $414.49 billion, while Exxon's stood strong at $417.18 billion. Apple had overtaken the oil giant for the title of earth's most valuable company last August and maintained it until late Friday morning.
The title, of course, is all relative, but you could see it coming after a week that left many talking aboutthe end of an Apple bubble. Apple is stilling selling lots of things and growing in new markets, but Wall Street mostly cared about the company's change in earnings guidance.