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Exxon Dethrones Apple as Most Valuable Corporation

Apple, the computer and smartphone maker, lost the title of world's most valuable company to oil giant Exxon on Friday.

Apple's stock price has been dropping since it hit a high last September when its newest iPhone was introduced. Investors may have doubts that Apple can continue producing innovative, fast-selling products without founder Steve Jobs, who died more than a year ago. Apple's cause was also hurt by growing competition and slowing earnings.

Falling stock prices have cut Apple's value by more than $200 billion to $412 billion. In the meantime, Exxon has built its market capitalization to $417 billion.

Apple held the top spot for about a year. Exxon has been the globe's most valuable company several times over the years.

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