Apple’s Stock Gains 3% on Jobs & iCloud News

| Apple Stock Watch

Shares in Apple Inc. gained more than 3% Tuesday after the company announced that CEO Steve Jobs would be involved in a keynote address during the company’s World Wide Developer Conference (WWDC) in June. Investors also seemed cheered by the fact that Apple confirmed that it was working on a cloud service called iCloud.

Apple announced Tuesday morning that Steve Jobs “and a team of Apple executives” would deliver the keynote address at this year’s WWDC, and that the event would focus on Mac OS X 10.7 “Lion,” iOS 5, and “iCloud.” Not only was this the first official confirmation that that much-rumored iCloud is real, it’s the first confirmation that Steve Jobs is feeling good enough to be involved in a keynote address.

Mr. Jobs is technically on an indefinite medical leave of absence while he battles health issues. Because of this, his health is considered an “overhang,” a term for things that could negatively affect a stock’s value in the future, for Apple’s stock.

Accordingly, the news that he will be on-hand for the keynote was seen as good news, and goosed the stock accordingly.

AAPL ended the day at US$347.83, a gain of $10.42 (+3.09%), on strong volume of 14.9 million shares trading hands.

AAPL Chart

Source: Yahoo! Finance

*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.  

Sign Up for the Newsletter

Join the TMO Express Daily Newsletter to get the latest Mac headlines in your e-mail every weekday.

No Comments

Log-in to comment