Apple’s stock fell Wednesday along with a sharp sell-off in the broader market as investors, with the election behind them, dumped stocks and turned their focus to a world of problems – tax increases and spending cuts that could stall the nation’s economic recovery and a deepening recession in Europe.
Apple’s surging stock propelled the company’s value to $624 billion, the world’s highest, ever, beating the record for market capitalization set by Microsoft Corp. in the heady days of the Internet boom.
The stock fell $1.03, or 3.8 percent, to close Tuesday at $25.87. It’s 32 percent below its initial public offering price of $38. It’s the stock’s lowest closing price to date. Earlier Tuesday, it went as low as $25.75.
Facebook says it has 843 million monthly active users, but getting a read on how many people actually visit Facebook’s site every day is considerably more complicated. Ultimately, some experts have said that that could mean the company is over-valued.
Apple briefly surpassed Exxon as the most valuable U.S. company after an excellent quarter, though the oil company has regained the lead at the market’s close.