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Sun, Nov 08, 2009 - 09:29 AM EST  —  AAPL: 194.34 (+0.3099, +0.16%)  |  NASDAQ: 2112.44 (+7.12, +0.34%)

Apple shares slide on news of CEO Steve Jobs’ medical leave of absence
Wednesday, January 14, 2009 - 05:16 PM EST

"Apple Inc. shares dropped as much as 10% Wednesday evening after the technology company said that Chief Executive Steve Jobs will take a medical leave of absence until the end of June," Carla Mozee reports for MarketWatch.

"Apple (AAPL) shares were last down 7.6% to $78.80. They finished the regular-session at $85.30," Mozee reports.

"Jobs, in a statement, said that during the past week he's learned that his health-related issues 'are more complex than I originally thought,'" Mozee reports. "Chief Operating Officer Tim Cook will be responsible for day to day operations."

Full article here.

MacDailyNews Take: The line from Job's open letter that simply must be true, or there will likely be legal issues brought against the company by some shareholders is, "during the past week I have learned that my health-related issues are more complex than I originally thought." If untrue, if Jobs or the Board of Directors and/or others knew before "the past week" that Jobs' "health-related issues" were "more complex than" Jobs "originally thought," well... Cupertino, we have a problem.

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Jan 14, 09 - 05:21 pm Comment from: Macintosher

That confirms who's next in the pecking order then...

Jan 14, 09 - 05:24 pm Comment from: R

These few months will help demonstrate that Apple is well run even with Steve pulling back some.

Get well, Steve.

Jan 14, 09 - 05:34 pm Comment from: pr

Steve Jobs will recover and be just fine and that's a good thing.
In the meantime this presents an amazing buying opportunity for anyone with any money left to buy some Apple shares at a great price. Based solely on what they have said...they have some products in the pipeline (not the least of which is the upcoming iphone nano), including the Mac Mini refresh which should just blow away the army of paid "reviewers" currently hyping Windows 7.

Jan 14, 09 - 05:54 pm Comment from: NCMacMan

Six months does not make or break Apple. The products they have in the pipeline are set to go on Job's predetermined timeline.

Record results for quarters during the recession should bring the stock back up...

Jan 14, 09 - 06:00 pm Comment from: Megame

I wish people would leave him alone and let him recover.

I do think he should take a leave and help stop all of the rumors and speculation.

Steve is not Apple. Apple will be fine. Steve should go heal, rest, recover. Then come back when ready.

I wish you a stressless rest Steve.

Jan 14, 09 - 06:05 pm Comment from: Arnold Ziffel

MDN,

How 'bout we not jump to conclusions about what Jobs or Apple did

or didn't know!!!

Jan 14, 09 - 06:08 pm Comment from: JadisOne

To hell with 'em all Steve! You're no good to anyone dead. Go rest up, heal and spend some quality time for yourself. You have steered the S.S. Apple in the right direction under your command. I'm sure the rest of the crew will handle things just fine in your absence.

Jan 14, 09 - 06:10 pm Comment from: Animal Control

Arnold Ziffel,

MDN did not jump to conclusions.

More proof that pigs cannot read.

Jan 14, 09 - 06:12 pm Comment from: The Other Steve

Is the sky falling yet?

Come on Steve, eat some meat!

Jan 14, 09 - 06:16 pm Comment from: chuck

My stock is down big time but I am not selling. I am going to buy more. This is a strong company with or without Jobs. I plan to double down when it hits 50 on friday. It will recover even if Steve doesn't. There is a slot of talent there.

Jan 14, 09 - 06:20 pm Comment from: Sheesh

@ The Other Steve: FYI, lots of people who quit eating meat and go vegetarian put on weight, actually. I did. Had to go buy new pants. Oh well. Why do you think people *loose* weight on high-meat diets like Atkins?

@ Animal Control: They may not have jumped to conclusions, but as usual, MDN is stirring the shit. *I* wonder if they have Apple shorted, themselves. Wouldn't surprise me in the least.

Jan 14, 09 - 06:20 pm Comment from: Macaday

That's it MDN. Go putting those ideas out there. That'll really help things.

Scratches head...@?$

Jan 14, 09 - 06:23 pm Comment from: The Other Steve

@ Sheesh
Fair enough.

To Steve (and the economy) - Best wishes for a full recovery!

Jan 14, 09 - 06:31 pm Comment from: Journo

Macaday,

MDN is merely stating the obvious, cutting through the B.S. and getting right to the heart of the matter like they always do.

Jan 14, 09 - 06:46 pm Comment from: MacAdvocate

Get well, Steve. I sincerely hope you didn't do yourself any more harm trying to appease these hack analysts and media lampreys.

We know your company is in good hands.

Jan 14, 09 - 06:58 pm Comment from: mklein

He will be around for a few more decades...having to read still more miserable articles and comments found around the "World Wide Web".

Jan 14, 09 - 07:17 pm Comment from: Shadowself

Part of the problem is misinformation spread from idiots like c|net's Krazit who is reporting that Jobs is "stepping down".

With blatant lies like that floating about it's no wonder the stock price is taking a dive.

Jan 14, 09 - 07:40 pm Comment from: Botvinnik

MDN, your take "sucks." You can quote me on that.

Jan 14, 09 - 08:14 pm Comment from: oopscdaz1

After the worst Keynote at Macworld ever; now, we get this information. Apple has NOT been forthright with their information. From an investor's standpoint, this is a "worst case scenario." Somehow this company seems to think it operates in a vacuum. They NEED to be humbled Somehow, the rules of business apply to everyone else but Apple.

Jan 14, 09 - 08:17 pm Comment from: TKrazit

I have to agree with the sentiment about the MDN take. I usually enjoy them, but this latest one smacks of fear-mongering. I think Apple and Steve Jobs would know the legal consequences of purposefully lying about an issue with as much media attention as that. I think the truth of the matter here is that health problems aren't always able to be scheduled - shit happens and unfortunately it's happening to Steve Jobs.

Let's hope Steve a good recovery.

Jan 14, 09 - 08:22 pm Comment from: @oopscdaz1

How do you know they haven't been forthright? How do you know that Apple didn't receive this information today? Or yesterday? I think that a "worst case scenario" would actually be SJ on his deathbed. You're overblowing things just as much as MDN.

Jan 14, 09 - 08:28 pm Comment from: Arnold Ziffel

Oink to you, MDN take!

We expect fear-mongering from the Enderle/Dvorak crowd, but this coming from you bites the old

moldy coprolite.

Jan 14, 09 - 08:29 pm Comment from: 84 Mac Guy

The stock market is tanking. Unemployment is going nowhere but up and fast. And now Jobs is sick enough to take a six-month leave.

No sunshine today!

Jan 14, 09 - 08:44 pm Comment from: Mr. MobileMe

@R

It won't show anything during these next few months. All the products that were scheduled to be released during the next year (most likely) will still come out on time. I could see the possibility that some product released could get pushed back a little for some fine tuning. Something that might have not happened if the "tyrannical" Jobs were still there. The real test will be in the next year and a half to two years. If there don't seem to be an quality ideas for existing products (besides obvious spec improvements) and features in new versions of software. It's clear that Apple has many talented people (myself included) that can come up with new and exciting ideas (iMovie chief architect comes to mind). Which ideas will get implemented into the company's product line will be for Cook and the rest of the executive team to decide (though Jobs' letter states that he will still have decision-making power on important ideas). I feel that the company could run itself for the next year. After that, only time will tell. But Apple has some really great assets (customer loyalty, $25B in cash, innovative employees, etc) to help it weather any executive transition should this be the end of the Jobs era. AAPL will continue to take a beating until June and possibly until Jobs is finally displaced but the company will rebound. I'm buying more shares.

Jan 14, 09 - 08:54 pm Comment from: HMCIV

Maybe Steve is the one behind shorting Apple Stock.

Jan 14, 09 - 09:28 pm Comment from: Olmecmystic

This just in: Steve Jobs will be checking in daily via iPhone from the hyperbaric chamber he bought off of Michael Jackson cheap back in the 80's (NOT!).

Seriously, I don't think anyone going through what Steve is going through should be getting up and going to work every day anyway. Steve, take your time and get it right. Apple is fine; you know Tim can do the job.

The Apple community isn't going anywhere. Hell, we've just had two movies made about us! You've got the Windoze crowd on the run AND in the rear view mirror, where they belong.

Wealth is cool, a great job is cool, but your health is all.

Take care from one of your longest-time fans, and see you this summer!

Peace.
Olmecmystic cool smile

Jan 15, 09 - 07:03 am Comment from: Oliver

So the 'royal asshole' wasn't so far off.

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