“Apple Inc Chief Executive Tim Cook’s new go-to management team of mostly familiar faces failed to drum up much excitement on Wall Street, driving its shares to a three-month low on Wednesday,” Poornima Gupta reports for Reuters.
“The world’s most valuable technology company, which had faced questions about a visionary-leadership vacuum following the death of Steve Jobs, on Monday stunned investors by announcing the ouster of chief mobile software architect Scott Forstall and retail chief John Browett — the latter after six months on the job,” Gupta reports. “Cook gave most of Forstall’s responsibilities to Macintosh software chief Craig Federighi, while some parts of the job went to Internet chief Eddy Cue and celebrated designer Jony Ive.”
Gupta reports, “But the loss of the 15-year veteran and Jobs’s confidant Forstall, and resurgent talk about internal conflicts, exacerbated uncertainty over whether Cook and his lieutenants have what it takes to devise and market the next ground-breaking, industry-disrupting product. Apple shares ended the day down 1.4 percent at 595.32. They have shed a tenth of their value this month — the biggest monthly loss since late 2008, and have headed south since touching an all-time high of $705 in September.”
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MacDailyNews Take: This too shall pass.