“Buoyed by a strongly supportive reaction from the Wall Street analyst community, Apple shares have barely budged in the face of yesterday afternoon’s announcement that CEO Steve Jobs is handing over the reins to current COO Tim Cook,” Eric Savitz reports for Forbes.
“The Street expects strong results for the September and December quarters. Ergo, many analysts told their clients to buy the stock today on any weakness in the wake of the news.,” Savitz reports. “And apparently, investors heard and obeyed. While the stock was down 5% after hours last night, and traded off even more sharply in European trading, the stock is now down a mere $1.58, or 0.4%, to $374.60 – on a day when the major indexes are all down more than 1%.”
Savitz reports, “On a relative basis, in other words, the stock is actually nicely outperforming the market.”
Read more in the full article here.