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Apple Loses to Exxon Mobil as World’s Most Valuable Company

Apple Inc. surrendered the title of the world’s most valuable company to Exxon Mobil Corp. after concern over slowing growth drove the shares to the biggest loss in the Standard & Poor’s 500 Index.

Apple’s 12-month reign as the No. 1 stock ended after the shares slumped 17 percent this year, worse than any other companies in the benchmark gauge for U.S. equities. The decline reduced its market capitalization to $413 billion, below Exxon Mobil’s $418 billion.