Apple’s declining stock price has finally cost it the title of most valuable company by market cap. Apple’s share price fell more than 2 percent to close at $420.05 Monday, dragging the company’s market value below $400 billion for the first time since January 2012. At $396.5 billion, Apple’s market cap is now less than that of oil giant Exxon Mobil, whose market capitalization remains just above $400 billion.
Excitement over the iPhone 5’s imminent arrival is driving Apple’s stock to new heights. Shares of the company rose past $700 in after-hours trading Monday after closing at $699.80. Apple’s journey to a $1 trillion valuation seems to be getting shorter by the day.