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Energy trumps high-tech: Exxon overtook Apple to become the public with the largest market capitalization in the world. Following the continued decline in Apple shares cofares today (Friday). Complementary stock falling 17% since the beginning of 2013 and 37% since the peak recorded in September 2012.
The company's stock fell yesterday in trading on Wall Street by 12.4% after the day before yesterday released after trading the financial results for the first fiscal quarter. The results suggest that Apple missed projections in revenues (increased by 18% to $ 54.5 billion, below expectations of 54.9 dollars). In addition Apple has lowered its revenue guidance for the next quarter (43-41 billion from anticipated revenues of 45.5 billion dollars).
Continued decline in the value of Apple symbolizes the waning investor confidence in the company, which in 2012 became the American company has the largest value ever. These are concerned that the company under the management of Tim Cook will not be able to maintain the same level of performance as they were in the days of Steve Jobs and the face of competition from entities like Google.
"There were a fairly high expectations for her for the future, and the Exxon continues cofares to bite into (the status of Apple) slowly and steadily," said Jason Cooper from 1st Source Investment Advisors, which owns shares cofares in both companies, "People are beginning to realize that Apple continues cofares to lose some of its luster. "
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