MAKER OF SHINY TOYS, Apple is a shining example of how to bury bad news.
Yesterday it announced that Steve Jobs is taking some time off for medical reasons. However it chose to do this on a day when the US stock market was closed to prevent a shock to its shares.
In places where the sharemarkets were working, Apple's stock price lost about six per cent. Not much given how much people think the company depends upon Jobs.
The timing of the announcement also means that the tame Apple press can rally around the company and tell us how it will survive during Jobs' absence.
Reuters said that the company is entering 2011 on a roll, a cash-generating machine with surging sales across its product lines even as it confronts rivals determined to halt its stunning run of success.
Wall Street is expecting Apple's quarterly revenue to swell more than 50 per cent to over $24 billion after a bumper holiday shopping season. That would be a sparkling performance for a company of any size, much less one with a market value above $300 billion, Reuters breathlessly wrote.
After the close of regular trading hours today, Apple is expected to report earnings of $5.40 a share on revenue of $24.4 billion.
With reports of how well Apple is doing echoing throughout the media, it is fair to say that Steve Jobs' leave of absence will swiftly be forgotten. That is how you bury bad news. µ
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