Apple @ $348.48
Nervous moments ahead of the US markets opening principally due to the news that Steve Jobs, the 55 year old co-founder and CEO of Apple, will take a medical leave from the company. This will be his 3rd following previous treatment for life threatening pancreatic cancer and a subsequent liver transplant.
So called pre-market trading suggests that the shares will open 4.7% down (at one stage 9% was predicted), as the market digests the news from what has, at times, seemed like a one man company.
On the plus side will be a first quarter update of earnings with consensus predictions of a 56% increase to revenues and a 47% increase to earnings.
Significantly, many influential market watchers and analysts, such as Goldman Sachs, are suggesting that any short term reaction to the news provides a buying opportunity as the long term prospects remain intact.
This should be true and the head tells you that it is so but, there is such a fervour and devotion to Jobs (of messianic proportions) by Apple consumers that the confirmation will only truly come when the next "big" product is announced to confirm the continuity of the "Apple" dream machine.
Whilst the company, in the absence of Steve Jobs, should be safe in the hands of Tim Cook, the current Chief Operating Officer, it remains to be seen whether the company can retain its ability to paint a vision that captures hearts and minds. A communication to employees did state that Jobs will remain as CEO and be involved in major strategic decisions.
It seems grossly unfair, and unfeeling really when the spotlight is on the future prospects for Apple the company when it should be concerned for the health of Steve Jobs. There are many different depictions of the man but I for one wish him good health and a speedy return.
Wall Street Journal: Apple Shares Fall 4.7% Premarket As Jobs Takes Medical Leave
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