Apple stock gyrates after Steve Jobs’ death
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Shares of Apple Inc. have pitched around on the first day of trading after the death of the company’s former chief executive, Steve Jobs.
The stock has reversed direction numerous times and after going into the red, and then into the black, reversed direction again recently, down 0.8%, or $3.09, at $375.46.
Jobs, who is given credit for Apple’s record of innovation, went on extended medical leave earlier this year and stepped down from his job atop Apple in August, handing the reins to Tim Cook. But Jobs stayed on as chairman and had been expected to remain involved in the company’s work.
Analysts have spent the day discussing what Jobs’ absence from the company will mean and whether Cook will be able to continue to cultivate Apple’s success.
Jobs turned Apple into the second-most-valuable U.S. publicly traded company, after Exxon Mobil Corp., The Cupertino, Calif.-based company briefly took the top spot last summer.
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-- Nathaniel Popper in New York