Favorable outlook for CEO Steve Jobs pumps up Apple shares

Apple Store“Shares of Apple Inc. (AAPL) rose 2.8% to $93.51. A report Monday in the San Jose Mercury News said prospects for a criminal case against Jobs ‘appear dim.’ Based on the paper’s own reporting, there is little evidence that Jobs directed the backdating of his own 2001 options grant that is central to a current federal probe into Apple’s past accounting practices,” John Letzing reports for MarketWatch.

“Apple had said in a December regulatory filing that Jobs was aware of the backdating but that he didn’t financially benefit from the practice nor fully understand its accounting implications. An internal probe conducted by the company’s board found no wrongdoing by Jobs. Apple did, however, restate past financial results due to the backdating of employee stock option grants,” Letzing reports.

Letzing reports, “Shares of Apple rival Microsoft Corp. (MSFT) fell nearly 1% to $28.78.”

Full article here.

Related article:
Apple CEO Steve Jobs likely to avoid criminal charges in options backdating probe – April 21, 2007

14 Comments

  1. I guess they figured a 1200% stock increase over the last several years was probably what they would consider in the best interest of the shareholders, and jailing Steve, and having those same shareholders lose 50% of their value…. well, not so much in their best interest.

  2. Apple stock seem to always goes up the two days before the quarterly results come out. Then they go down in after hours trading (April 25th) as the profit takes take their nourishment.

  3. Supply and Demand

    The share price rises due to increased demand. Earnings announcement will be as expected so that is not the demand trigger. April 30 is the close of AAPL option cycle. Demand is due to shorts needing to cover their positions. This rise is all about demand for a very narrow window of time. Hold until a 5 minutes before the closing bell on Friday.

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