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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16 Comments

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I am sure Steve Jobs was very aware that this was probably the best time to step down. Everyone knew the share price would take a hit, but doing so just before the launch of the iphone 5 will ensure apple makes back any losses it incurs

See this is what I think. Apple caters themselves to the technology illiterate people.

Anyways if you want Apple news on TV all you have to do is turn it on CNBC. They are pathetic.

Scutley said,
See this is what I think. Apple caters themselves to the technology illiterate people.

Anyways if you want Apple news on TV all you have to do is turn it on CNBC. They are pathetic.

If you mean the average person, then you're right. And Apple has been very successful doing just that.

I imagine anyone with major money invested in Apple have been prepared for this day for a while and aren't too worried, he took time off ill a while ago and nothing bad happened to the company... Hopefully Cook won't be as tight as Job's.

Nicholas-c said,
I imagine anyone with major money invested in Apple have been prepared for this day for a while and aren't too worried, he took time off ill a while ago and nothing bad happened to the company... Hopefully Cook won't be as tight as Job's.

Exactly! The risk of Jobs' leaving the company had already been factored in the price of the stock long before the announcement.

Elliott said,
I'm one of those investors that feels pretty good about Tim Cook being CEO.

Then I guess you've never been in the room with both Steve and Tim then...I have.

And while I like Tim very much indeed, I'm a better substitute for "Steve Jobs" than he is. 8P

Either way, I wish them both luck.

What, you thought Steve Jobs would leave and suddenly things would change at Apple? If anything does change, it will be over several years.

pretty sad the entire company relies on jobs being in charge. if this is true, their doomed now. if anything i hope the new ceo will take a different approach to how they do business. jobs was a crook and hitlers cousin.

smooth3006 said,
pretty sad the entire company relies on jobs being in charge.
Did you read the article? Investors believe Apple is going to be just fine without Steve Jobs as CEO, which is why their stock price didn't plummet today.

The article is straight from Apple's spin department, carefully managed after trading to minimize the "shock" factor.

Regardless, the real crime was Jobs not reporting his illness and absence from the company years ago. That should have sent people to jail.

Now, people know Steve is ill and investors remain dumb enough to believe the spin when they read it...

I wonder if Warren Buffett is slowly liquidating Apple stock...

smooth3006 said,
pretty sad the entire company relies on jobs being in charge.

?

Tim Cook has already run the company for quite some time while Steve Jobs has been ill, in a temporary CEO position. It's just that it became permanent yesterday.

excalpius said,
The article is straight from Apple's spin department, carefully managed after trading to minimize the "shock" factor.

wat

What's the immediate "shock factor" supposed to be, if Tim Cook has already managed the company for some time, and Steve Jobs is still on the board of directors? If anything, it'd only be a short psychological one, which the stock trading showed perfectly here.

Knowing Apple, the next few years may be very well-planned, with strategies just waiting to be executed.

Big deal, people fussing over it for nothing. Stevie isn't the only game in town. Where Cook taking apple into the future is yet to be seen.

flexkeyboard said,
Big deal, people fussing over it for nothing. Stevie isn't the only game in town. Where Cook taking apple into the future is yet to be seen.

actual its not so much that as the stock is down almost 8 percent in the last month so it cant fall to far.. the drop is caused mostly by europe

ps 8 percent is equal to about 30 billion dollars in market capital being pulled out so its pretty big..