Apple shares hit in light of Jobs resignation

Apple shares hit in light of Jobs resignation; thought to be temporary blip

Apples share price fell by 2.5% at the start of trading today as investors sought to sell their shares in light of the resignation of CEO and co-founder Steve Jobs. Share prices later stabilized, with Apple down 0.66% at the end of trading.

Richard Gardner of Citigroup suggested that the share price did not fall further because investors have confidence that new CEO Tim Cook 'is a tough but well regarded leader who will continue to hold Apple employees to an extremely high standard of performance'.

Indeed, Apple is in a far better position than it had been when Jobs returned to the company in 1997. After 12 years of stagnation and failed product launches, Jobs has been able to reinvent and reinvigorate the company to the extent that it is the largest company in the world today, and one of the most profitable. Not only this, but Apple now enjoys cult status with many enthusiasts around the world, who are sure to spread the word to the masses whenever a new product is launched.

It is also thought that investors have confidence that Apple will continue dominate the marketplace for at least the next two or three years, as Apples 'roadmap is intact'. This roadmap includes the upcoming and much hyped iPhone 5, as well as the anticipated release of the iPad 3 next year. These products are set to ensure that Apple has a smooth and profitable transition from the Jobs era to a future apart from its leader, founder and public face.

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By Joe Sheldon