Apple Stock Takes Hit as Wall Street Reacts to Jobs' Resignation
Steve Jobs' resignation, while unexpected in its timing, isn't shocking to those who have followed Apple in recent years. However, that hasn't stopped Wall Street from initially overreacting to Jobs departure.
Apple stock is down about $20 in after-hours trading in response to Jobs departure. Like so much in the markets these days there is an uncertainty revolving around the future of Apple. However, if Jobs previous leaves of absences are any indication, this dip in stock price is business as usual. Every time concerns about Jobs' future at Apple have surfaced, the company's stock has taken a very noticeable dip.
Jobs' pancreatic surgery in August 2004? Dip. Liver transplant in January of 2009? Dip. Anounces medical leave of absence January 17 of this year? Dip.
Apple's stock isn't likely dip much more. Each time the company has rebounded following concerns of Jobs position within the company. However, each time Jobs has resumed his position as CEO. This time is different, Jobs isn't coming back as CEO, although he will be actively involved in the company.
The future of Apple will be interesting, but the immediate future of the company's stock value shouldn't be of concern, especially with the release of the new iPhone just on the horizon. Emphasis on should. The company so many have grown so fond has entered the transitionary period many wished against all odds would never happen. However, if anyone can move a company along the same path posthumously, it is Steve Jobs.