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Steve Jobs' resignation sends Apple shares down

August 25, 2011 |  7:29 am

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Shares of Apple Inc. fell on the first day of trading after Steve Jobs said he was stepping down as chief executive of the technology giant.

Apple shares were recently trading at to $369.41, down $6.57, or 1.8%, from Wednesday's closing price. Earlier in Thursday's session they were down more than 2.5%.

The drop isn't as sharp as the stock experienced in after-hours trading late Wednesday immediately after Jobs announced his decision.

The timing of the announcement was a surprise, but Jobs had widely been expected to step down at some point because of his health problems. He is planning to stay on as chairman, with chief operating officer Tim Cook taking over as CEO.

A number of analysts said that investors valuing Apple's stock had already factored in Jobs' departure and that the company is well placed to continue its recent success. There are questions, though, about whether Apple will continue coming up with industry-changing inventions without Jobs. 

"Apple without Steve will go on," Mike Abramsky an analyst with RBC Capital Markets wrote in a note to clients. "However, it’s hard to believe Apple won’t be different; Steve was involved in every detail of product, marketing, execution, deal-making (carriers, studios, etc.) and had the vision and gravitas to bet on disruptive innovations."

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--Nathaniel Popper

twitter.com/nathanielpopper

Photo: Apple CEO Steve Jobs and Chief Operating Officer Tim Cook at an event last year. Credit: Kimberly White / Reuters

 

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