Exxon Mobil unseats Wal-Mart from top of the Fortune 500

Move over big retail, big oil has taken over number one on the Fortune 500 list. Meanwhile, Microsoft clocks in at number three followed by ConocoPhillips, General Electric and General Motors. While AIG was the biggest loser on the list—tumbling from number 13 to 245—nearly every company took a big profit hit. Overall earnings dropped 85 percent to $98.9 billion from $645.2 billion the year before.