Shares of Apple Inc. (AAPL) fell as trading began in New York on Thursday, the day after former CEO Steve Jobs passed away. But they quickly bounced back — many industry observers believe the maker of the iPod and the iPad is well-positioned to continue its successes without its iconic founder.
Shares fell about 0.7 percent to $375.75 at the opening bell, moved up $6 then fell 0.9 percent mid-day to $374.98. The Dow Jones industrial average was relatively flat, around 2pm EST at 11,014, up 0.67 percent while the tech-heavy NASDAQ rose 0.80 percent to 2,480.
Apple stock has increased more than 90 percent this year. Apple shares fell 0.7 percent the day following Job’s resignation on August 24. As Jobs’ health began to fail from neuroendocrine cancer, he resigned as CEO and handed the baton to his long-time lieutenant and chief operating officer, Tim Cook. The 56-year old Jobs had led the company since 1996, after co-founding the company in 1976 and his ouster in 1985.
“I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know,” Jobs wrote in his resignation letter. “Unfortunately, that day has come.”
Source: ABC News