August 25, 2011 – After the initial shock in the wake of the resignation of Apple (AAPL: 372.02, -4.16, -1.11%) CEO Steve Jobs, shares of the tech darling trimmed their losses Thursday morning.
The decisions by Jobs to step down as CEO but remain chairman sparked a 6% dive overnight in the iPhone and iPod maker’s stock. Apple earlier this month briefly passed ExxonMobil (XOM: 72.38, -1.16, -1.58%) as the world’s most valuable company.
However, the stock bounced off its lows as virtually no major analysts argued shareholders should dump Apple as a result of the news. They pointed to the fact that Apple is more than just Jobs, its chief visionary and co-founder, and confidence in his replacement, Tim Cook.
“Mr. Jobs’ second term as Apple’s CEO drove a stunning recovery and then rise to dominance by constructing a world of mobile devices and content ubiquity,” JPMorgan Chase analysts wrote in a note, according to The Wall Street Journal. “We think the impact from Steve Jobs is lasting, cementing Apple’s role in the digital age.”
Few CEOs have ever had the kind of impact on a single company as Jobs, and many have feared what would happen if he had to step down.
That’s because Jobs had been the driving force behind a slew of blockbuster devices, including the revolutionary iPod and iPhone devices and the reemergence of the Mac. In recent quarters Apple has also sold millions of its iPad tablet device.
Jobs has also been credited with generating intense media buzz surrounding his product launches.
Some analysts believe Apple’s stock had already discounted the departure of Jobs, who had already been on medical leave since January and looked frail in his few public appearances.
Some analysts believe Apple’s stock had already discounted the departure of Jobs, who had already been on medical leave since January and looked frail in his few public appearances.
Barclays Capital analysts suggested buying Apple on any “substantial weakness.”
“While the economy remains a concern for all companies in our sector,” Barclays wrote, “we anticipate Apple to gain substantial share in smartphone and PC-related segments as the entire company executes its strategy.”
Apple’s shares were off just 2.31% to $367.50 ahead of Thursday’s open, an improvement from the knee-jerk 6% dive on the news.
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