Shares of Apple sank below $90 for the first time in nearly two years, ceding the title of the world's largest company by market valuation to Google. Key Asian producers of components for Apple were also seeing their shares pummelled on the forecast for slower iPhone sales. Apple's stock is down 14% since the beginning of the year and down one-third from its peak of $132.54 a year ago. Today's fall elevated Google parent Alphabet ahead of its Silicon Valley rival as the world's largest company. Worries were mounting over the pace of iPhone sales, the company's top earner, amid reports that consumers worldwide are generally replacing their phones less often than before.

Source: dna May 12, 2016 23:22 UTC