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Apple value slips to second place

NEW YORK, Jan. 26 (UPI) — Shares of U.S. technology innovator Apple dropped Friday, pushing the value of the firm from first to second place behind Exxon Mobil, stock data shows.

For a brief stint Apple was the king of the hill. After eclipsing Exxon Mobil in 2011, the company’s fortunes continued to rise, with share values peaking at $705.07 in September. At that point Apple was far and away the world’s most valuable company.

But investors have concerns that Apple cannot keep creating break-through products forever, The Washington Post reported Saturday.

The company’s revenues are still setting records, but the appeal behind Apple stock also relies on its reputation as a trend setter.

Apple shares on Friday closed at $440, which put the value of the company at $414 billion. Exxon Mobil on Friday was worth $417 billion.

What is that expression: Your greatest strength is also your greatest weakness? Although Apple has produced a series of wildly popular break-though products in recent years — the iPod, iPhone and the iPad — companies with more diversified product lines and lower price entry points are also doing well.

Samsung’s most recent corporate report, released last week, showed profits up 76 percent from the same quarter a year earlier. Among its offerings are cheaper smartphones that are doing well in emerging markets.

On Wednesday, Apple Chief Executive Officer Tim Cook said the company would stay focused on trend-setting.

“We only want to make the best products. We’re focused on making products that enrich lives,” he said.

Copyright 2013 United Press International, Inc. (UPI).

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