Apple no longer world's biggest company as shares tumble

Apple shares have hit their lowest levels in a year and half, after a supplier hinted at a slowdown in iPhone and iPad production.

The shares closed down $23.44, or 5.5%, at $402.80, the lowest level since December 2011. The decline means Apple has lost its position as the world's most valuable publicly traded company to Exxon Mobil. Apple now has a market capitalisation of $378bn compared with Exxon's $385bn. The falls came late on Tuesday after 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 ...