news

Apple Stock Down Slightly After Jobs Announces Resignation

**Update: Apple stock closed Thursday down $2.46, or just 0.65 percent.**

All of Wall Streets eyes were on Apple Thursday morning, the day after Steve Jobs announced he was resigning as CEO of the Silicon Valley giant.

The 56-year-old Jobs, who has been on medical leave since mid-January, said Wednesday afternoon that he could no longer meet [his] duties and expectations as Apples CEO.” The man behind such innovations as the iPod, the iPhone and the iPad, has been suffering from a long-term illness. In 2009, Jobs had a liver transplant. Outside of that announcement, he has been as guarded about the details of his illness as he has the release dates for many of his companys popular products.

Interim CEO Tim Cook will take over for Jobs, who will continue to serve the company as chairman of the board.

While this move doesnt come as a huge surprise, its one many investors faced with uncertainty. Wall Street wasnt reacting too dramatically to the news as of 10:09 a.m. ET Apple stock was down a little more than $5, or 1.5 percent.

Jobs co-founded Apple back in 1976 but was ousted from the company in 1985 before returning in the mid-90s. As Apple began releasing some of its iconic products in the last decade, the companys stock began an incredible six-year run jumping from $44 at the beginning of 2005 to the $370 where it stands today.


Leave a comment

Your email address will not be published. Required fields are marked *

Polls

How do you approach customer MPLS networks in the age of SD-WAN?

View Results

Loading ... Loading ...
The ID is: 83782