Stocks, Ipad | featured news

Shares of Apple Inc. hit their lowest levels in a year and half on Wednesday, after a supplier hinted at a slowdown in iPhone and iPad production. The stock was down $20.37, or 4.8 percent, at $405.87. Apple's shares hit $403.67 earlier, the lowest level since Dec. 2011. The decline means Apple has _for now_ lost its position as the world's most valuable publicly traded company to Exxon Mobil Corp.

Shares of the Silicon Valley giant has touched $600 for the first time, about a month after reaching the $500 mark.

Investors seem to think you want an iPad more than oil, as Apple Inc. became the most valuable company in the United States, surpassing Exxon Mobil Corp. on Wednesday.

Apple Inc's quarterly results again smashed Wall Street's expectations, fueled by record iPhone and Mac sales, offsetting lower-than-expected sales of its iPad tablet computer.