Apple stock price mostly flat after Jobs' departure

Lots of people had speculated before this week that when the time came for Apple founder Steve Jobs to leave his position at CEO, there would be a massive sell off of Apple's stock price. Today, one day after Jobs did exactly that, those investors seem to be keeping their heads, at least at the moment. While Apple's stock price did go down several percentage points in after hours trading on Wednesday, today Reuters reports that the stock went down less than one percent and actually outperformed the overall stock market.

Most investors seem to believe that even with Jobs' departure as CEO, the company will stick with what it does best, at least in the short term. Indeed Apple's new CEO Tim Cook, in a letter to its employees today, said flat out, "I want you to be confident that Apple is not going to change."

Meanwhile tech industry luminaries has been praising Jobs for his time at Apple, which he lead out of near bankruptcy in 1997 to becoming one of the biggest companies in the world thanks to the success of products like the iPod, the iPhone, the iPad and more. One of the biggest to comment was Apple's co-founder Steve Wozniak. In an interview at Bloomberg TV, Wozniak, while admitting that he was "not close to Steve like I once was", still called Jobs "the most important technical leader ever." Meanwhile the upcoming biography of Jobs is still scheduled for release this November. PC Magazine reports that the book will include Jobs' resignation from his point of view.

 

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