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Apple Shares Plunge As Growth Appears To Stall

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File photo of Apple CEO Tim Cook (Photo by Justin Sullivan/Getty Images)

File photo of Apple CEO Tim Cook (Photo by Justin Sullivan/Getty Images)

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NEW YORK (AP) — Apple shares are plunging after the company reported quarterly results that point to growth slowing after five blowout years.

The stock was down $50.68, or 9.9 percent, at $463.32 in late morning trading.

Even with the stock’s decline, Apple Inc. is the world’s most valuable company, a position it’s held for more than a year. But it’s now worth just 4 percent more than No. 2 Exxon Mobil Corp.

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