Apple’s market cap falls below $400 billion

Apple’s stock price continued its fall Monday, dragging the company’s market value below $400 billion for the first time since January 2012.

In midday trading, Apple’s stock was down $7.52, or 1.75%, to $422.95. That put its market capitalization at $397.54 billion. It also cost Apple the title of “world’s most valuable company,” losing it to Exxon Mobil Corp., which had a value of $399.69 billion in midday trading.

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Apple is on the verge of crashing through another low. On Jan. 24, 2012, Apple’s stock closed at $420.41 per share, just before the company reported blowout earnings that sent its stock soaring to $446.66.

That momentum carried the stock through the year, on its way to peaking at $702.10 in September. The stock has not traded below $400 per share since December 22, 2011, when it closed at $398.55 per share.

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