Shares in Apple Inc. rebounded Tuesday ahead of the company’s December quarterly earnings report, recovering more than US$15 per share from the opening low. The stock opened at $326 per share, down more than $22 from Friday’s close (the markets were closed Monday) on news that CEO Steve Jobs was taking another medical leave of absence.
The stock gained steadily throughout the day, and bounced of an intra-day high of $344.763 at approximately 1:45 PM EST. The stock has traded in a narrow band in the $341+/- range since then, and currently sits at $342.24, down $6.24 (-1.79%), on heavy volume.
There had been concern of a major sell-off like the last time Mr. Jobs had to step down, but the markets appear to be more confident of the company’s future this time, perhaps based on the success the company saw during the last such event.
Apple reports its Q1 2011 (the December quarter of calendar 2010) Tuesday afternoon, and The Mac Observer will provide live coverage of the company’s conference call with analysts.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.