$AAPL – Steve Jobs resigns, Stock update

Apple is down about 5% in the past month, beating the overall markets slightly. The stock did spend a day above $400 but the recent market volatility has been too much for Apple and it has settled around $380 after dipping to as low as $353.

The big news, however, is the resignation of Steve Jobs. Most followers knew Jobs’ departure was inevitable and the board already had a succession plan in place but few thought it would happen so quickly. The Board’s succession plan names Tim Cook as the CEO (as expected and noted in This Post). Tim Cook has already been running the day-to-day operations since Jobs’ medical leave announcement last January.

Other than being a big news item, and the end of an era with Apple, there is not much new to report on this issue. As such, my sentiment has not changed and I will suggest taking advantage of an opportunity to continue to build our position.

Leave a Comment