Apple stock falls on news of Steve Jobs' medical leave
Apple shares slid in early trading on Tuesday morning, one day after Steve Jobs said he was taking his second leave of absence in two years due to health concerns.
Nathaniel Popper on the Los Angeles Times' Money & Company blog reported that:
Shares of Apple fell 6.45% immediately after markets opened on Tuesday morning but quickly made up about half of those losses, stabilizing at around $335, or 3.7% down from Friday's closing price.
Jobs announced his medical leave Monday morning, in a memo to Apple employees, during the Martin Luther King Jr. holiday, when U.S. markets are closed. Overseas markets were open on Monday, and Apple stock fell 7.9% on the news of Jobs' hiatus.
The day-to-day running of Apple will be taken up by Chief Operating Officer Tim Cook during the leave, though Jobs said he will remain chief executive and still have input on important matters.
Cook has filled in for Jobs twice before. Once while Jobs was out for a liver transplant, about two years ago, and earlier when Jobs was fighting pancreatic cancer.
Apple and Jobs, both notoriously private, offered no details as to what the health issues were, leaving medical experts to speculate on what the problems could be.
The Cupertino tech giant is set to announce its first-quarter earnings Tuesday afternoon, once the U.S. market closes. Strong profit growth is expected thanks to blockbuster products such as the iPad and iPhone.
-- Nathan Olivarez-Giles
Photo: Steve Jobs in January, left, July and October of last year. Credit: Paul Sakuma /Associated Press