SHARES of the fruit themed toymaker Apple have fallen on the news that its leader Steve Jobs decided to take medical leave.
Apple's stock price took a battering on the Frankfurt stock exchange, but the real test came today as the US Nasdaq stock exchange re-opened after a US bank holiday weekend. Apple stock, AAPL, fell almost $14, or 4 per cent, within the first hour of trading, suggesting that investors are worried about the company's direction without Jobs at the helm.
While Jobs takes his second medical leave, his cult following is left in the hands of Tim Cook, the man who led Apple for six months while Jobs was absent in 2009 for a liver transplant.
Investors are concerned that there is no clear line of succession after Jobs. While Cook is far from an interim boss and is credited with having a safe pair of hands while Jobs was away, he simply isn't the great man. The presence of Jobs not only brings perceived stability to the firm, but his iconic status results in valuable marketing and brand building for the maker of shiny toys.
At press time, Apple's stock price had fallen $15 or 4.3 per cent, making it the fifth worst performing stock for the day on the Nasdaq index. µ
Tabs to more Ctrl and less Win. Such Fn.
Either that or it's a really intense holiday