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Apple shares down slightly after Jobs resignation

/ 10:42 PM August 25, 2011

NEW YORK—Shares in Apple fell only slightly in early trade Thursday in the wake of the stunning announcement of the resignation of the company’s founder and visionary Steve Jobs.

Apple’s shares were down 1.76 percent in the first 30 minutes of trade to $369.56, after having dropped as much as 5.3 percent from Thursday’s close in after-hours trade overnight after the announcement.

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Apple, the world’s second-largest company by market valuation, gave no reason for Jobs’ departure as chief executive, but he appeared to allude to longstanding serious health problems when he told employees in a statement that he could no longer meet his duties and expectations.

He will become chairman of the board of directors.

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But after three decades as Apples’ visionary leader, his departure raises questions over the company’s ability to build on such hit consumer electronic products as the Macintosh computer, the iPod, iPhone and most recently the iPad tablet.

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TAGS: Apple, company, Information technology, steve jobs, stocks, US
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