Stock Market Takes Bite Out of Apple: Tech Giant Suffers Major Plunge

Apple loses title as most valuable company to Exxon, drops nearly 40 per cent in price.
2:39 | 01/26/13

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Transcript for Stock Market Takes Bite Out of Apple: Tech Giant Suffers Major Plunge
economy and the stock market on quite a roll. Last night here, we reported on america baby boomers finally seeing a recovery in their 401(k)s. The dow closing near 13,896. Nearing a psychological barrier of 14,000. And approaching the all-time high of 2007, before the recession. Even as the dow makes this rebound, why is an american giant apple not benefitting? Tonight, many questioning whether the loss of steve jobs has hurt the company for good? Here's "good morning america" weekend anchor bianna golodryga tonight. It's what you wanted, it's what your instincts wanted. Reporter: In the new biopic, "jOBS," ASHTON KUTCHER PLAYING The role of steve jobs -- talking about instinct. Knowing what the average american consumer needs and wants before they even know it. It's what helped jobs -- long after ascending to the top of his industry -- stay far ahead of the pack. But this week, a huge bit out of the once mighty apple. After soaring to a record stock price just four months ago, the 40%. And tonight, apple has lost its venerable title as the world's most valuable company to exxon. Why the recent slump? Economists say for one, competitors like samsung, have upped their game. Not out-inventing apple, but matching them, device for device. But the bigger threat, is the loss of steve jobs himself. It's been nearly a year and a half since the deathf apple's founder and many worry that the company has lost its creative genius. Apple was very much steve jobs. We saw apple lost its way in the 1980s. After it left. Lot of people left apple for dead. They brought steve jobs back and the company, once again, was focused on innovation and consumer needs and consumer tastes in ways it hadn't been before. The real question is whether apple can replicate the mind of steve jobs. How does somebody know what they want if they've never even seen it? Reporter: And with that new movie coming, the part of the real life story still unwritten, is whether apple can invent the next best thing. Before anyone else. And before consumers realize they even want it. Now, apple hasn't completely lost its way. It sold 48 million iphones over the holidays. 23 million ipads and ipad minis. The key for investors, right now, is can apple come up with the next big thing? An actual apple tv set in your home. What is the ceo saying about that? Tim cook has been very cryptic, the tv area is a great interest to the company.

This transcript has been automatically generated and may not be 100% accurate.

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