The Apple stock drop has seen its price drop from a 52-week high of $705.07 to $439.88 at the close of the stock market on Jan. 25, 2013. It has also seen something else: Apple is again the second most valuable company in the world by market capitalization.
Market capitalization (or market cap) is the price per share of a stock times the number of shares outstanding, and represents a company's value. At the close of the stock market on Jan. 25, Apple had a market cap of $413.06 billion. Meanwhile, its longtime rival, Exxon Mobil, eclipsed that mark and sat at a market cap of $418.23 billion, with a closing price of $91.73.
Apple's stock has been falling since its fiscal Q1 2013 / calendar year Q4 2012 earnings report, which was issued on Wednesday. Although Apple set records for both iPad and iPhone sales, it fell short of several marks.
Analysts weren't too keen on Apple's guidance either, which was lower than pre-made estimates.
For Apple's fiscal Q1 2013 results, consensus analyst estimates for Apple were: $54.58 billion in revenue (a slight miss at $54.5 billion), 50 million iPhones (a miss at 47.8 million), 23 million iPads (a narrow miss at 22.9 million), 12 million iPods (above Street estimates at 12.7 million), and 5 million Macs (well below Street estimates at 4.1 million).