Apple Stock prices Drops 25 august 2011, Jobs resigning : Apple shareholders on Thursday appeared to be getting over the sudden resignation of Steve Jobs. Apple Inc. shares fell $4.03, or about 1 percent, to $372.16 in midday trading, but the entire market was down by an equal amount as well. In extended trading Thursday evening, the fell more than 5 percent after Apple said Jobs would step down as CEO and hand the job to chief operating officer Tim Cook.
Even if the timing was a surprise, most industry analysts said Jobs' departure from the CEO post was always on the horizon because of ongoing health problems.
Peter Misek at Jefferies & Co. said it was a very positive sign that Jobs will assume the role of chairman. Misek had expected Jobs to depart completely from the company. As chairman, "Jobs will be able to continue to offer his insights and visions for the future of Apple."
The immediate sell-off of Apple for fear of an end to one of the industry's longest winning streaks was overdone, said Ovum analyst Jan Dawson.
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