AAPL Dips 5% Following Apple CEO Change

| Apple Stock Watch

Shares in Apple inc. dipped more than 5% in after-hours trading following the news that Steve Jobs had resigned as CEO from the company and former COO Tim Cook named in his place. As of this writing, AAPL was trading at US$356.47, a loss of $19.71 (-5.24%). That’s off the after-hour lows, when the stock traded at $351.99.

AAPL Chart
AAPL Chart for August 24th, 2011 — After-Hours Session Marked “Post”

Traders were reacting adversely to the news that the iconic technology leader Steve Jobs was stepping down from the CEO spot, though he will remain at the company as Chairman of the board and an Apple employee.

New CEO Tim Cook is joining Apple’s board of directors. No other changes were announced by the company.

*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.

Comments

mhikl

To be expected. Those in for quick gains do make the market flutter but those in for the long term, sustain it.

geoduck

Driven by people that react to headlines, not fundamentals.

prl53

This just shows how stupid the entire stock market is. People nowadays aren’t “investing” they’re gambling, taking short gains and loses instead of investing in the future of a company. From what my father-in-law told me (retired broker), the money people invest doesn’t even get to the company, it’s all phony money in one big casino. A sad way to finance the entire world.

As for Tim Cook, I don’t see Apple slowing down at all. Steve set this whole changeover up months ago and decided it was time to make it official. Go AAPL!!!!

Lee Dronick

Over emotional investors. If it takes a deep plunge tomorrow I may buy some more AAPL.

John Dingler, artist

Any bets on how long Tim Cook will last as CEO before he has a heart attack? We know his supreme workoholism in management and logistics, and now he has to become a visionary too. That may be too much for any non-Steve Jobs person to handle especially when the vision has to conform to Steve Jobs, not to Tim Cook. Yeah, this does not bode well for Tim and, by extension, for us Apple enthusiasts and investors.

I want to disclose—and I want to make a really big deal about this in order to impress people with my top notch morality; I am not a sleaze bag—I own only a few shares of Apple which did not influence my comment in any appreciable way. I am a good person and an upstanding member of the community.

Bryan, I am not making fun of your mischievous disclosure, but you reminded me of how often tech writers make a really big deal of it by saying in imperious tones something like, “Full disclosure, blah, blah, blah.” *S*

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