Apple Stock Falls after Steve Jobs Resigns as CEO
While Jobs has announced that he is stepping down as CEO of Apple, he is taking on a new role as chairman of the board. Replacing Jobs as the chief will be Tim Cook. Cook has been at Apple for some time now and has an impressive background in the tech industry. Insiders have said that if there is one person who could continue Apple on its path of innovation like Jobs, it is Cook.
On the news of Jobs’ change in roles for the company, Apple stock in after hours trading was down by as much as seven percent. Given the recent volatility in the stock market, combined with the news, analysts expect tomorrow to be a rough one for Apple stock.
Because of its impact on the NASDAQ on a daily basis, the expected swing in apple stock could have ripple effects on the market as a whole.
The news comes just as the market had made up some positive ground after several rough weeks for stock prices. In a related note, Gold prices were down in something of a sell off today, closing down over $100 per ounce with a closing price of $1,757.30.
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