The market giveth, and the market taketh away.
The woes dogging technology giant Apple sent its stock hurtling to its lowest levels in a year on Friday, while suffering the added misfortune of losing its mantle as "world's most valuable company" to Exxon Mobil.
The company, which disappointed Wall Street with its earnings release this week, is being buffeted by doubts about its ability to compete with challenger Samsung. The reversal of fortune has been both quick and dramatic, with some surveys now showing Samsung's Galaxy smartphone now edging out the iPhone in market share.
(Read More: Apple's Revenue Falls Short, Shares Dive)
That pessimism has shaved more than $247 billion from the iPhone maker's market capitalization — forcing it to sacrifice its title to Exxon, which it first surpassed back in 2011. In Friday's dealings, the two giants of their respective industries were tussling for the coveted top spot.