No longer hot like Apple pie: shares hit 18 month low
Apple shares have hit an 18 month low
Click here to add Apple as an alert
Disable alert for Apple,
Click here to add Exxon Mobil Corp as an alert
Disable alert for Exxon Mobil Corp,
Click here to add Jefferies and Co. as an alert
Disable alert for Jefferies and Co.,
Click here to add Peter Misek as an alert
Disable alert for Peter Misek
Tech giant Apple has lost its title as the world's most valuable publicly traded company after the firm's shares fell below 400 dollars for the first time in a year and half.
The stock was down 21.89 dollars, or 5.1 percent, at 404.35 dollars, after a supplier hinted at a slowdown in iPhone and iPad production.
Earlier in the day, it hit 398.11 dollars, the lowest level since December 2011, Fox News reports.
The iPhone maker lost its position as the world's most valuable publicly traded company to Exxon Mobil Corp, which has a market capitalization a few billion dollars above Apple's 380 dollars billion price tag.
According to the report, analyst Peter Misek at Jefferies and Co. said the news suggests a big decline in Apple sales in the April to June period.
That supports his view that Apple is unlikely to launch a new iPad Mini in the quarter, and that the next version of the full-size iPad may launch late in the quarter rather than early.
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge
- Jordan raises $400M for first phase of Red-Dead project
- An Apple a day? iPad mini launch expected
- Upsetting the Apple cart: Man behind map-app fiasco fired
- Another bubble burst for Scarlet Johansson? Sodastream shares collapsing
- An iFarce: Apple scrutinized for racist sale policy to Farsi-talking Persian-Americans
- Mideast sellers won't refund iPads missing 4G connectivity