Apple Stock Slightly Down After Jobs’ Death

Kimberly Watson, Editor in Chief
October 06, 2011 /

Apple stock has dived slightly in early Thursday afternoon trading to close 0.2 percent lower than Wednesday as the world mourns Steve Jobs who passed away yesterday.

Stocks began to fall to $373.80 Thursday afternoon from its $384.78 high. During late morning trading, Apple stock was up more than 1 percent to close st $377.37 at the end of the trading session.

When Steve Jobs resigned as CEO of Apple last August, shares fell significantly, about 3 percent, slashing $10 billion from the company’s worth, though it recovered to hit its all-time high of $422.86 on September 19.

Nonetheless, Apple stock returned to its robust state following the release of iPhone 4S, which includes Apple’s dual-core A5 chip for fast performance, a new camera with advanced optics, full 1080p HD resolution video recording, and Siri, an intelligent assistant that helps users get things done just by asking.

It seemed to be the twist of the story as Apple stock suffered from an almost 5 percent fall following the presentation of iPhone 4S at Apple headquarters.

Apple stock was one of the most valuable on U.S. markets Thursday, second only to Exxon Mobil’s, with shares gaining about 30 percent over the past year and nearly 17 percent since the end of December last year.

Apple is plodding through times as it has been left with fulfilled ambitions too high to drop, challenging the company to go on sailing with the rest of its competitors such as Google’s Android platform, Netflix and Amazon that has started to venture into the tablet market.

The death of Jobs was confirmed yesterday in a statement released by Apple’s Board of Directors.

“We are deeply saddened to announce that Steve Jobs passed away today.

“Steve’s brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives. The world is immeasurably better because of Steve.

“His greatest love was for his wife, Laurene, and his family. Our hearts go out to them and to all who were touched by his extraordinary gifts.”

Other titans in the technology industry also sent their tributes to the visionary leader of Apple.

“Steve, thank you for being a mentor and a friend. Thanks for showing that what you build can change the world. I will miss you,” said Mark Zuckerberg, CEO and founder of Facebook.

“Steve and I first met nearly 30 years ago, and have been colleagues, competitors and friends over the course of more than half our lives. The world rarely sees someone who has had the profound impact Steve has had, the effects of which will be felt for many generations to come. For those of us lucky enough to get to work with him, it’s been an insanely great honor,” commented Bill Gates, Microsoft co-founder and chairperson.

“He was a great man with incredible achievements and amazing brilliance. He always seemed to be able to say in very few words what you actually should have been thinking before you thought it. His focus on the user experience above all else has always been an inspiration to me,” Larry Page, CEO of Google, said.

 

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