Apple shares tumble after Jobs resignation announcement

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Apple-logo.jpgApple’s share price has taken a fair hit following the news that long-time CEO Steve Jobs is stepping down from his position, presumably over healh reasons.

Apple made the announcement following the close of the NASDAQ stock exchange on Wednesday evening. However, after-hours trading still saw Apple lose somewhere around $18.6 billion in market value all the same.

The company closed the day at $376.18 a share, but was down $20.18 per share to $355.99 in the hours after news of Jobs departure had spread.

Despite already being down one-twentieth of the value the company held prior to Jobs’s resignation, the real test will be today when the NASDAQ re-opens proper. If history is to repeat itself, Apple shares dropped 10% in the wake of Jobs’s first medical leave period in 2009.

Regardless, Apple’s shares have grown 6,681.8 per cent during Jobs’s second go at the CEO role according to Forbes, a quite remarkable feat. It’ll be interesting to see if the market has similar faith in Tim Cook, the former Apple COO who now takes over in the CEO hot seat.

Gerald Lynch

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