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Exxon Dethrones Apple as Most Valuable Corporation

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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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