Apple's stock poised for 5% drop
By Aaron Smith, staff writer
NEW YORK (CNNMoney) -- Apple's stock price dropped in premarket trading Tuesday after chief executive and co-founder Steve Jobs took another leave of absence because of health problems.
The stock price for Apple Inc., (AAPL, Fortune 500) creator of the iPhone, iPod and Mac computers, dipped 5%, helping to drag down the Nasdaq 100 futures by 0.5%.
This is the second time in two years that Jobs, 55, has taken time off from his company because of a medical condition. This time the leave of absence was unexpected, and it occurs as Apple is preparing to announce its quarterly earnings after Tuesday's closing bell.
Apple is expected to post a 47% gain in profit for the quarter ended Dec. 31, to $5.40 earnings per share, according to a consensus of analyst forecasts compiled by Thomson Reuters. Apple is also expected to announce a 56% gain in revenue to $24.4 billion.
Jobs informed Apple employees of the situation in a letter. Apple's chief operating officer, Tim Cook, will run the company in his absence.
"At my request, the board of directors has granted me a medical leave of absence so I can focus on my health," said Jobs in the letter. "I will continue as CEO and be involved in major strategic decisions for the company."
Jobs did not provide details on his recent health problems, which have been a source of speculation in the past. The problems first became apparent in 2003, when he was treated for pancreatic cancer. After he lost a noticeable amount of weight, he took a leave of absence starting in January 2009, returning to work in June after receiving a liver transplant.
Credit: CNN (www.cnn.com)
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