Tuesday, January 18, 2011

Steve Jobs Taking Leave of Absence From Apple

Apple's shares traded in Frankfurt (AAPL.F) fell 7.5 percent by 1438 GMT, while futures for the S&P 500 and tech-heavy Nasdaq dropped 0.3 and 0.9 percent, respectively, after the company's CEO Steve Jobs said the company's board had granted him leave to concentrate on his health. His request for medical leave is almost certainly connected to the islet cell neuroendocrine cancer of the pancreas (a rare, survivable form) that he was treated for in 2004, and the consequent liver transplant he received in April 2009. The Wall Street is closed for trading on Monday to commemorate Martin Luther King, Jr. Day.

During Jobs' leave of absence, Chief Operating Officer Tim Cook will be responsible for day to day operations. Jobs will continue as CEO and will be involved in major strategic decisions for the company. When he made a similar announcement in 2009, the stock was briefly suspended after falling more than 10% in the hours after he announced his leave of absence.

Will Apple stock price fall more than 10% and get suspended on Wall Street once trading resumes on Tuesday?

Steve Jobs Taking Leave of Absence From Apple [via]

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