Exxon takes most-valuable rank from Apple

Exxon once again surpassed Apple as the world's most valuable company after shares of the iPhone and iPad maker faltered Friday.

Apple Inc.'s stock has been on the decline since the company's quarterly earnings report Wednesday suggested that its fast growth phase, rare for a company of its size, may be coming to an end.

Apple's stock fell 2.36 percent to close Friday at $439.88 for a stock market value of $413 billion. That followed a 12 percent drop on Thursday, the biggest one-day percentage drop for the company since 2008.

Exxon Mobil Corp. gained 38 cents Friday to $91.73 for a market capitalization of $418 billion.

Apple first surpassed Exxon in the summer of 2011, displacing the oil company from a perch it had held since 2005.

Apple and Exxon are among only a half-dozen U.S. companies to have ever reached $500 billion in market value. Apple and Microsoft Corp. are the only ones to have ever hit $600 billion.

Apple's stock price peaked in September at $705.07 on the day the iPhone 5 was released. Exxon, in the meantime, has been trading steady. Its business seems less prone to stock market ups and downs. -- AP