Apple loses world's biggest company title as shares hit 18-month low

The shares closed down $23.44, or 5.5%, at $402.80, the lowest level since December 2011, the Telegraph reports. The decline means Apple has lost its position as the world's most valuable publicly traded company to Exxon Mobil. Apple has a market capitalisation of $378bn compared with Exxon's $385bn. Late on Tuesday, Cirrus Logic, which supplies audio chips for the iPhone and iPad, said sales of a particular chip are slowing down as a customer moves to a newer component. Analyst Peter Misek at Jefferies & Co. said Cirrus' news suggests a big decline in Apple sales in the April to J...