Exxon’s XOM +0.46% shares retreated by $3.14, or 4.4%, to close at $68.03, leaving it with a market cap of $330.8 billion, according to data from FactSet Research.
pple had briefly overtaken Exxon during Tuesday’s trading session, but Exxon’s shares rallied late to help the company remain the world’s most valuable company for one more day. However, with Wednesday’s big selloff, Exxon fell behind Apple early and never regained its footing.
William Koehler, chief investment officer of ETF Portfolio Partners, in Leawood, Kansas, called Apple’s overtaking of Exxon “really fascinating, particularly if one looks at where Apple was, say, 10 years ago.”
At that time, Apple was ranked No. 287 on the S&P 500 Index SPX -4.42% and was still about two months away from unveiling the first iPod, the digital music device that many credit with saving Apple and setting it on the path toward the iPhone, the iPad and its current dominant market position.
Despite Apple’s shares costing as much as $400 recently, Koehler said the stock remains popular because “on a price-to-earnings ratio, it really doesn’t look overly expensive.”
Apple currently trades at about 11.5 times its next projected earnings for the next 12 months. Over its previous 12 months, Apple earned $23.6 billion on revenue over more than $100 billion. Exxon has a P/E ratio of almost 8 over the next year, and during the past year, earned almost $38 billion on nearly $393 billion in sales.
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