Apple's Stock Tumble Pushes Market Cap Back Below No. 1 Google

Apple Inc.'s stock tumbled 3.1% to a near two-year low in morning trade Thursday, as a sharp drop in earnings at Taiwanese iPhone assembler Foxconn Technology Co. highlighted increasing concerns over slowing iPhone sales. Apple shares, which were trading at the lowest level since June 2, 2014, have now plunged 20.1% since peaking at a four-month high of $112.10 on April 14. The selloff has knocked Apple off its perch as the most valuable company by market capitalization, with Alphabet Inc. reclaiming the top spot. Apple's market cap has fallen to $491.3 billion, while Alphabet's is now at $497.3 billion.