Apple drops to No. 2 behind this company

A file photo dated 06 January 2004 shows Apple Computer's CEO Steve Jobs sitting in front of a project Apple Computer logo during his keynote speech at the MacWorld Expo in San Francisco, California, USA. Apple's (AAPL) epic fall on the markets took a symbolic turn Thursday after its market value again dropped below its top rival's. That makes it second fiddle behind Google parent Alphabet (GOOGL) at 497.8 billion. Shares of Apple have been in freefall this year, dropping more than 14%, amid the company's disappointing first-quarter results. It's the second time this year that Alphabet's market value has surpassed Apple's.