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Apple's market cap falls below $400 billion for first time in over a year

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tim cook
tim cook

Apple's market capitalization dropped below $400 billion in trading Monday morning for the first time since January 2012, with shares trading around $424, down 1.43 percent from Friday's close. The news further underscores the company's stunning reversal of fortune on the stock market over the past few months after a peak market cap of over $650 billion ahead of the launch of the iPhone 5 in September 2012. Just last week at Apple's annual shareholder meeting, CEO Tim Cook openly expressed dismay at the company's tumbling stock price, saying "I don't like it either" and "neither does the board or management[...]but we're focused on the long term." At least one part of that long-term game plan seems to be coming to light, with new reports emerging Monday that Apple is on track to launch an iWatch by the end of this year.