The title of being the most valuable company in the world is now shifted from Apple Inc to Exxon Mobil Corporation after the iPhone maker shares experienced the biggest loss in the Standard and Poor’s 500 Index over sluggish economical growth.
According to some analysts projections the market value of Exxon Mobil Corporation (NYSE:XOM) may reach nearly 434 billion US dollars over the next 12 months with an average share price of 95.17 US dollars. However for Apple the market value may climb to 589.5 billion US dollars with 627.79 US dollars a share.
The Cupertino, California based Apple Inc rose to an all time high in September and since then nearly 245 billion US dollars have been erased. Investors are concerned over the ability of management to keep producing charming products more than a year after the death of Steve Jobs, co-founder of Apple Inc.
This year Apple’s shares slumped nearly 17 % that ended the 12 month reign as number 1 stock. that decline reduced Apple Inc. (NASDAQ:AAPL)’s market capitalization to 413 billion US dollars, considerably below 418 billion US dollars of Exxon Mobil.
Shares of Apple Inc have fallen nearly 37 % from a September record over mounting concerns that escalating costs and completion may limit growth. Apple became the most valuable company of United States in 2012 after a 15 years voyage of transformation from a near bankrupt PC maker to a technology principal that dominated tablet and Smartphone markets over the expectations.
The Irving, Texas based Exxon Mobil regained its number 1 position that it had kept in four out of the six years through 2011. Company’s profit is forecast to bounce back from three quarters of decline, stock is almost 6 % this year.