Apple Shares Rise
After a modest selloff, Apple shares are trading higher today following the death of Steve Jobs, the company’s visionary chairman and co-founder. They opened at $373.33 and slipped briefly to $372 before rising again — almost as if in tribute — and heading upward past $384.
Clearly, the sentiment that Jobs created a company and culture that will continue to innovate and succeed in his absence is widely held among investors. As Jobs wrote in his Aug. 24 resignation letter, “I believe Apple’s brightest and most innovative days are ahead of it.” Evidently the market agrees. To wit, the flood of analysts’ notes this morning reaffirming confidence in the company:
Scott Kessler, Standard & Poor’s
One could argue that Jobs was the most celebrated innovator and businessperson of our time, and his loss to AAPL is immeasurable. Nonetheless, we think he created a company and culture that will continue to innovate and succeed, with countless executives and employees who will carry on. We think AAPL was largely prepared for this loss. Continue reading
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