With Jobs on Leave, Will Apple Shares Stay Healthy?
Oh, brother.
The news that Steve Jobs is taking another medical leave from Apple is ominous.
Everyone wishes the Apple chief executive the very best. Let's hope this is temporary and he will make a speedy recovery. Apple says Mr. Jobs plans to continue as chief executive while on leave. That sounds hopeful. We will may find out more tomorrow, Tuesday, when the company reports its latest earnings.
But right now investors are flying blind. Just how sick is Mr. Jobs? How long will he be out? We don't know. Apple won't say. Mr. Jobs has asked for privacy. On a personal level, anyone can understand that. But it's no help for stockholders. Apple stock fell about 6% in overseas trading Monday following the news. But this was a light day for the European markets. Wall Street was closed for Martin Luther King Jr. Day. One can expect a more meaningful reaction here in the U.S. when the markets reopen. Investors will have to digest the news about the chief executive as well as the latest earnings for the Christmas season.
