As soon as Steve Jobs announced his resignation Wednesday after the close, impulsive traders sold down Apple (AAPL) shares by over 6% to about $350. My gut feeling at the time was that the move was overdone because the stock had been underperforming due to this fear. Sure enough, the stock managed to bounce back to a minimal loss in a terrible market the next day.
To me, the best news is that Steve Jobs is still very much in the picture at Apple. Some were acting as if he had died and was no longer able to contribute anything. He will likely play an identical role to what Bill Gates did at Microsoft when he stepped down as CEO. Jobs’ innovative mind will factor in most, if not all major decisions going forward as long as he is still around.
Well Groomed
From all accounts that I have read, Jobs’s replacement Tim Cook is a capable guy that has been groomed for this role for a long time. He has already acted as interim CEO every time Jobs has taken a medical leave of absence. He is also saying all the right things, assuring investors that nothing will change with him at the helm.
This is not to say that Jobs will not be missed as the everyday head of Apple. His dedication and leadership have transformed the company from a dying entity to the most innovative firm on the planet with the second highest market cap on the globe. The stock has had an invisible lid on it due to fears of his resignation, so it made sense that the actual announcement didn’t hurt it that much.
The action in the stock told me that there is still ample confidence in the company to churn out awesome products and that Tim Cook will do just fine. I also don’t think it hurts that Jobs’ genius is still present in Cupertino, California.
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