Apple Is No Longer World’s Most Valuable Company
Saudi Aramco has overtaken the iPhone maker in market value.
2 min
Earlier this year, Apple Inc. looked like it was on its way to becoming the first $3 trillion company. Today, it’s no longer the most valuable company in the world.
As of Wednesday’s close, Saudi Arabian Oil Co., as the state-owned oil company is officially called, had overtaken Apple in market value. As of Thursday’s close, Saudi Aramco’s market capitalization was $2.383 trillion, versus Apple’s $2.307 trillion, according to Dow Jones Market Data.
Apple is a staple investment for both individual and institutional investors, given its general ability to weather market storms. But investors seemed to be reassessing their love affair with the iPhone maker. On Thursday the company was the most active stock in the S&P 500 and the third-worst performer in the Dow Jones Industrial Average.
In early January, when the pandemic surge in technology stocks was still in full force, Apple’s stock briefly soared to about $3 trillion in market value intraday. Now, higher interest rates are making tech stocks less attractive. Apple’s stock is down roughly 20% for the year, and down nearly 10% so far this month.
It continued falling Thursday, losing $3.94, or 2.7%, to close at $142.56, its lowest close since Oct. 13. The stock has fallen 7.7% over the last two trading days, its worst two-day run since September 2020.
“For those readers who remember 2000-2002, you’ve seen this movie before. If you weren’t investing back then, just know today’s slide in Apple is part of a larger trend of investor risk aversion, not ‘the market getting it wrong,’” Nicholas Colas, co-founder of DataTrek Research, wrote in a note. Mr. Colas said Apple’s recent slide is the reason why he remains cautious on stocks.
Reprinted by permission of The Wall Street Journal, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: May 12, 2022.
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For self-employed Australians, navigating the mortgage market can be complex—especially when income documentation doesn’t fit the standard mould. In this guide, Stephen Andrianakos, Director of Red Door Financial Group, outlines eight flexible loan structures designed to support business owners, freelancers, and entrepreneurs.
1. Full-Doc Loan
A full-doc loan is the most straightforward and competitive option for self-employed borrowers with up-to-date tax returns and financials. Lenders assess two years of tax returns, assessment notices, and business financials. This type of loan offers high borrowing capacity, access to features like offset accounts and redraw facilities, and fixed and variable rate choices.
2. Low-Doc Loan
Low-doc loans are designed for borrowers who can’t provide the usual financial documentation, such as those in start-up mode or recently expanded businesses. Instead of full tax returns, lenders accept alternatives like profit and loss statements or accountant’s declarations. While rates may be slightly higher, these loans make finance accessible where banks might otherwise decline.
3. Standard Variable Rate Loan
A standard variable loan moves with the market and offers flexibility in repayments, extra contributions, and redraw options. It’s ideal for borrowers who want to manage repayments actively or pay off their loans faster when income permits. With access to over 40 lenders, brokers can help match borrowers with a variable product suited to their financial strategy.
4. Fixed Rate Loan
A fixed-rate loan offers repayment certainty over a set term—typically one to five years. It’s popular with borrowers seeking predictability, especially in volatile rate environments. While fixed loans offer fewer flexible features, their stability can be valuable for budgeting and cash flow planning.
5. Split Loan
A split loan combines fixed and variable portions, giving borrowers the security of a fixed rate on part of the loan and the flexibility of a variable rate on the other. This structure benefits self-employed clients with irregular income, allowing them to lock in part of their repayment while keeping some funds accessible.
6. Construction Loan
Construction loans release funds in stages aligned with the building process, from the initial slab to completion. These loans suit clients building a new home or undertaking major renovations. Most lenders offer interest-only repayments during construction, switching to principal-and-interest after the build. Managing timelines and approvals is key to a smooth experience.
7. Interest-Only Loan
Interest-only loans allow borrowers to pay just the interest portion of the loan for a set period, preserving cash flow. This structure is often used during growth phases in business or for investment purposes. After the interest-only period, the loan typically converts to principal-and-interest repayments.
8. Offset Home Loan
An offset home loan links your savings account to your mortgage, reducing the interest charged on the loan. For self-employed borrowers with fluctuating income, it’s a valuable tool for managing cash flow while still reducing interest and accelerating loan repayment. The funds remain accessible, offering both flexibility and efficiency.
Red Door Financial Group is a Melbourne-based brokerage firm that offers personalised financial solutions for residential, commercial, and business lending.
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