Shares in Apple Inc. continued to sell off on Friday, shedding another 2.36 percent to end the week at US$439.88, down $10.62 on heavy volume of 42.3 million shares trading hands. The move results in Apple's market cap falling below ExxonMobil's for the first time since the spring of 2012.
This year-long chart tells the story:
$AAPL v. $XOM - 1-Year Chart
Source: Yahoo! Finance
ExxonMobil has largely held slow and steady—think: oil tanker—while Apple rose, rose some more, fell, rose, rose some more, rose a lot, fell, then plummeted off a cliff in the last two days.
There's no real meaning to this contest other than bragging rights. ExxonMobil was the world's most valuable corporation for many years before losing the crown to Apple last year.
At the same time, Apple's stock is more volatile and could retake the #1 spot as investors digest the company's new guidance strategy and releases the next round of products.
Shares of XOM closed at $91.73, a gain of $0.380 (+0.42 percent), on light volume of 10.8 million shares trading hands.
*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.