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Matt Krantz, USA TODAY4:14p.m. EST January 25, 2013
FILE - In this Oct. 19, 2009 file photo, the Apple logo is seen on an Apple store in San Francisco. Exxon has once again surpassed Apple as the world's most valuable company after the iPhone and iPad maker saw its stock price falter, according to reports Friday, Jan. 25, 2013. Apple first surpassed Exxon in the summer of 2011. The two companies traded places through that fall, until Apple surpassed Exxon for good in early 2012. (AP Photo/Russel A. Daniels, File) ( Russel A. Daniels )
Despite the end of Apple's 12-month reign as the world's No.1 company, some Bay Area investment experts analysts believe sentiment toward Apple has turned too gloomy -- just as the excitement about Apple over the previous months was too euphoric."Apple has great prospects for the future, but I do believe the optimism about Apple was overdone," said Michael Yoshikami, founder of Walnut Creek-based Destination Wealth Management. "It rallied more than it should have, a rally based on the hysteria over the company."
Christopher Giordano, principal owner of Los Gatos-based Giordano Wealth Management Group, said that Apple, despite its fall, "is still a terrific company with a great balance sheet, a great product line, tremendous innovation, and that could make this a good entry point to own Apple."
Apple most recently passed Exxon in market value in late January 2012, after the energy giant had been on top of the heap for a considerable time.
The selling of Apple's shares Friday lowered its
market capitalization to $413 billion, trailing Exxon's $418 billion. The 2.4 percent decline of Apple stock followed a 12 percent plunge Thursday after a mixed earnings report Wednesday. That was the worst one-day decline for Apple since 2008."Apple was getting a bit ahead of itself," said Eric Heckman, principal executive with San Jose-based Heckman Financial. "The current price is a more realistic
FILE - In this Oct. 19, 2009 file photo, the Apple logo is seen on an Apple store in San Francisco. Exxon has once again surpassed Apple as the world's most valuable company after the iPhone and iPad maker saw its stock price falter, according to reports Friday, Jan. 25, 2013. Apple first surpassed Exxon in the summer of 2011. The two companies traded places through that fall, until Apple surpassed Exxon for good in early 2012. (AP Photo/Russel A. Daniels, File) ( Russel A. Daniels )
Despite the end of Apple's 12-month reign as the world's No.1 company, some Bay Area investment experts analysts believe sentiment toward Apple has turned too gloomy -- just as the excitement about Apple over the previous months was too euphoric."Apple has great prospects for the future, but I do believe the optimism about Apple was overdone," said Michael Yoshikami, founder of Walnut Creek-based Destination Wealth Management. "It rallied more than it should have, a rally based on the hysteria over the company."
Christopher Giordano, principal owner of Los Gatos-based Giordano Wealth Management Group, said that Apple, despite its fall, "is still a terrific company with a great balance sheet, a great product line, tremendous innovation, and that could make this a good entry point to own Apple."
Apple most recently passed Exxon in market value in late January 2012, after the energy giant had been on top of the heap for a considerable time.
The selling of Apple's shares Friday lowered its
market capitalization to $413 billion, trailing Exxon's $418 billion. The 2.4 percent decline of Apple stock followed a 12 percent plunge Thursday after a mixed earnings report Wednesday. That was the worst one-day decline for Apple since 2008."Apple was getting a bit ahead of itself," said Eric Heckman, principal executive with San Jose-based Heckman Financial. "The current price is a more realistic
