Apple shares slide after Steve Jobs announcement
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Apple’s stock fell in early trading a day after Chief Executive Steve Jobs announced he was taking a health-related leave of absence.
Shares of Apple fell 6.45% immediately after markets opened on Tuesday morning, but quickly made up about half of those losses, stabilizing at around $335, or 3.7% down from Friday’s closing price.
Apple made the announcement about Jobs on Monday when American markets were closed. In overseas trading on Monday, Apple stock fell 7.9%.
Jobs will remain chief executive, but is giving management responsibilities to Chief Operating Officer Tim Cook.
This is Jobs’ second health-related leave of absence in two years. This time around, Apple did not specify when Jobs will return or why he is taking the leave.
Tuesday afternoon, after the markets close, Apple will announce its first-quarter financial results. The company is expected to show a strong growth in profit, thanks in large part to the iPad tablet computer.
-- Nathaniel Popper in New York