SUMMARY
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Apple shares plummeted more than 5% Wednesday, April 17, after Cirrus Logic, a supplier of Apple components, slashed its own profit guidance, suggesting its Apple business had weakened. Apple shares closed at US$402.80, down $23.44 or 5.5%, after briefly dipping below $400 earlier in the session. The decline robbed Apple of its crown as biggest US company by market capitalization. Apple is now worth $378.25 billion, compared with oil giant ExxonMobil’s $385.68 billion. Shares in Apple are well below their 52-week peak above $700 in September as the California tech giant faces tougher competition from South Korea’s Samsung and others in the busy smartphone and tablet technology space.
Read the full story on Rappler.
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