“Responses have been tricking in last night and this morning to the news late yesterday that Apple (AAPL) CEO Steve Jobs has resigned the top spot and been elected chairman, yielding the running of the company to COO and 13-year veteran Tim Cook,” Tiernan Ray reports for Barron’s.
“Apple shares have gained ground quickly this morning: from a drop of 5% last night, the stock initially fell 4% this morning, but now the shares are down just $7.16, or 2%, at $$369.02 in early trading, improving slightly from the after-hours trade and from earlier in the morning session,” Ray reports.
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Gene Munster, Piper Jaffray: Reiterates an Overweight rating and a $607 price target. “In reality, the ethos of Steve Jobs, his vision and his work ethic, will forever drive Apple. Throughout his 35 year tenure as Apple’s CEO, Jobs inspired not only the many Apple products that created new categories and changed the way people live, work and play, but he inspired other technology leaders to do the same. We believe Jobs’ final act as CEO is another of his many great accomplishments. Cook is capable of running Apple, but his rare combination of extreme humility and insatiable motivation make him uniquely suited to assume Jobs’ role as CEO and carry on his work with a peerless executive team. While there may be concerns among investors as to whether or not Cook can continue Jobs’ streak of innovation, we believe there is no better candidate to assume the role. And in many ways, it will be Jobs and his deeply rooted vision that will always guide Apple and its leaders. We believe Tim Cook will carry out a long-term (5-year) roadmap that he and Jobs jointly established, including several iterations of Apple’s existing products as well as new categories, like an Apple Television as soon as late 2012.”
Read many more analysts’ reactions in the full article here.
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Steve Jobs’ resignation marks storied career – August 24, 2011
Steve Jobs resigns as CEO of Apple; Tim Cook named CEO, Jobs elected Chairman of the Board – August 24, 2011
Apple’s deep leadership bench; COO Tim Cook in the spotlight – January 18, 2011
WSJ profiles Apple’s Chief Operating Officer Tim Cook – January 17, 2011
Apple CEO Steve Jobs takes medical leave of absence; will continue as CEO – January 17, 2011
Apple spokesman: ‘Apple CEO Steve Jobs is back on the job’ – June 29, 2009
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Former Apple Exec: Tim Cook’s been running Apple for years – January 15, 2009
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I wouldntv be surprised to see no one selling and seeing the stock up @ the end of the day in a massive vote of confidence by Apple users, fans and investors everywhere.
Hedge funds – You’ve just been Check mated by the master chess player of all times.
I wouldn’t be surprised to see no one selling and seeing the stock up @ the end of the day in a massive vote of confidence by Apple users, fans and investors everywhere.
Hedge funds – You’ve just been Check mated by the master chess player of all times.
I am confident in Mr Cooks ability to run Apple. Tim Cook has already run Apple with and for Steve Jobs while sharing the same vision for the company’s future.
Munster still talking up the Apple television.
Ha ha, he’s relentless.
Here is the only hopeful difference between Steve being gone in the 80’s and Steve being gone from Apple today.
— When Scully basically threw Steve out, he was gone because they didn’t agree with his plans, ideas and vision for the future. They thought they knew better, and wanted him out so they could do it THEIR stupid way. We see where that took Apple—to the brink of bankruptcy.
–Today, Steve leaves and those left behind WANT do do it his way, think like him and follow his futuristic visionary paths.
“What would Steve do?” will be the motto forever burned in all creative minds at Apple from this day forward. In the 1980’s the motto was more like “Screw Steve that clueless, arrogant bastard, we’re doing it OUR way.”
“35 year tenure as Apple’s CEO”??
Can’t help but recall the news/rumor that development of the iPad was 95% complete … six years ago.
With that type of product development process & pipeline, I’m thinking the next half decade under Cook’s leadership is looking just fine.
Very best wishes SJ. You’ve inspired leaders across industries and made the world a better place.
Is this Wall Street displaying some common sense? I think it’s more likely that there was a massive all-night open bar in downtown Manhattan last night.
1.76% at open
With all the stocks falling today (and AAPL following, more likely than just leading), it seems that the Street doesn’t care one way or the other. I mean, Exxon-Mobile is down more than AAPL, and their own CEO is not going anywhere…
They just had Munster and Bat Guano, on CNBC. Guana was negative on Apple, no surprise there, he liked Nvidia and Qualcomm.
35 year tenure?
Doesn’t this asshat journo realize that there was Steve took a forced hiatus from Apple in the late 80s to late 90s?
1976 (date of incorporation) to 2011 is 35 years, Steve was at Apple less than that.