Board 8 > Steve Jobs resigns as CEO of Apple.

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Silvercross
08/24/11 3:45:00 PM
#1:


http://www.engadget.com/2011/08/24/steve-jobs-resigns-as-ceo-of-apple/

CNN should have a link soon enough, but apparently he's dying of Pancreatic Cancer. At least, that's the alleged rumor at the moment.

Not 10 seconds later, and CNN has it. http://www.cnn.com/

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KimPilgrim
08/24/11 3:46:00 PM
#2:


Oh ****

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XIII_rocks
08/24/11 3:46:00 PM
#3:


Dammit, was about to post this.

Interesting

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GANON1025
08/24/11 3:47:00 PM
#4:


wow

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FateStayAlbion
08/24/11 3:47:00 PM
#5:


Well, I can't imagine this is good for the future of Apple products

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smitelf
08/24/11 3:48:00 PM
#6:


I hope none of you have stock in Apple...

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SupremeZero
08/24/11 3:48:00 PM
#7:


FateStayAlbion posted...
Well, I can't imagine this is good for the future of Apple products

Obviously a power-hungry yet incompetent boss will take over, and Apple will totally collapse.

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PartOfYourWorld
08/24/11 3:49:00 PM
#8:


From: smitelf | #006
I hope none of you have stock in Apple...


Yeah, he's probably the most visible CEO in the world. It's probably gonna be ugly tomorrow.

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beavis666x2
08/24/11 3:49:00 PM
#9:


I think he's leaving it in a better position then he did in the 80's/90's, but apple without Steve Jobs usually doesn't translate to sales.

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Forceful_Dragon
08/24/11 3:49:00 PM
#10:


Hopefully they have enough things in the works that Apple can cruise on autopilot for awhile. I doubt he pulled out without a good deal of thought going into the transition first.

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transience
08/24/11 3:51:00 PM
#11:


there have been Jobs rumours for a while. this should be expected.

that said, Apple stock would seem like a good buy after it bottoms out. they've absolutely cornered two markets - mp3 players and tablets - and the iPhone is doing great in the smartphone market, and that's to say nothing about the free billions they're making off the app store. they recently passed Exxon-Mobil for most valuable company in the world. nice work, Steve.

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RevolverSaro
08/24/11 3:51:00 PM
#12:


Apple is going to be fine. It's not like this is a sudden development after all. He's been sick for years and I'm sure the company has made preparations for this. Will Apple's stock tank tomorrow? Almost definitely. But as time passes and investors realize the company will be fine without him, it will recover.

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Shoenin_Kakashi
08/24/11 3:52:00 PM
#13:


external image

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Silvercross
08/24/11 3:52:00 PM
#14:


Yeah, I can't say this is surprising really.

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Bigwig_rah
08/24/11 3:53:00 PM
#15:


Preparing to dump all of my money into Apple stock ETA whenever it plummets because of this.

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PartOfYourWorld
08/24/11 3:56:00 PM
#16:


Apple's share value right now is around the highest it's ever been. Even if it's ugly tomorrow, I don't think I'd have the guts to buy even two or three shares. It kinda reminds me of a time in college where people argued that buying Google at $700 was a good idea because the sky was the limit.

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transience
08/24/11 3:58:00 PM
#17:


this will be more than a one-day fallout, I'd think.

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RevolverSaro
08/24/11 4:00:00 PM
#18:


I hear it was a feeding frenzy when Google went public.

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transience
08/24/11 4:04:00 PM
#19:


down 5% already

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SubDeity
08/24/11 4:05:00 PM
#20:


Buy up Apple stock after it plunges tomorrow; it'll be back. Panic drops are just about always irrational and irrationality is where you make money.

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baron von toast
08/24/11 4:14:00 PM
#21:


After Hours: 353.27 -22.91 (-6.09%)

Oh my.

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transience
08/24/11 4:17:00 PM
#22:


pulled this from an old Time article on Cook

If we examine what's happened to Apple's stock whenever Steve Jobs has taken a leave of absence, a pattern begins to emerge.

In 2004: Cook filled in for Jobs in August and September. On August 6, 2004, Apple's stock was trading at $14.89 per share—its lowest level in months. By October 8, 2004, the stock was trading at $19.53 per share. By the end of the year, with Jobs back, the stock was at $32.20 per share.

In 2009: Cook filled in for Jobs from mid-January until the end of June. On January 16, 2009, Apple's stock was again at its lowest level in months: $82.33 per share. By July 2, 2009, the stock was trading at $140.02 per share. Apple finished out the year at $210.73 per share.

So Steve Jobs appears to have a positive affect on Apple stock while he's in charge (or when he comes back from a leave of absence) and a negative affect on the stock when he initially goes on a leave of absence.

However, both times that Cook has filled in for Jobs, Apple's stock has gone up. Perhaps not as astronomically as when Jobs is in the driver's seat, but up nonetheless. It could be argued that if Jobs were to leave Apple altogether, the company may not grow as outrageously as it has in the past. But it's very unlikely that the company would crash and burn.


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PartOfYourWorld
08/24/11 4:18:00 PM
#23:


I'm really hesitant, but I could wait until tomorrow to see if I'll put in like 2K.

The thing is that Jobs was Apple. When he came back, he took a near-dead company and made it one of the largest and most visible in the world. iPad, iPhone, those old computers with the funky colors on the back - that was all him. He wasn't just a corporate suit, he really was a visionary.

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transience
08/24/11 4:21:00 PM
#24:


innovation is where Jobs comes in. Cook already runs the company and manages it super effectively but Jobs is the one who really pushes things forward. (or at least that's how it seems from the outside)

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TheGeonaut
08/24/11 4:22:00 PM
#25:


Hey Apple
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TheRock1525
08/24/11 4:31:00 PM
#26:


Does this mean we don't get a Human CentiPad?

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bryans7
08/24/11 5:10:00 PM
#27:


Never been a fan of Apple products but no one can deny his success. I hope if the cancer rumors are true that he can make a full recovery, the world needs more people like him.

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PartOfYourWorld
08/25/11 8:28:00 AM
#28:


OMFG APPLE STOCK

Is trading nearly at yesterday's close. Only down 1% right now.

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RevolverSaro
08/25/11 12:29:00 PM
#29:


yeah, that is unexpected. Good thing I'm not a stock investor lolololol

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Shoenin_Kakashi
08/25/11 12:35:00 PM
#30:


TheRock1525 posted...
Does this mean we don't get a Human CentiPad?


....and I just forgot about that RAGE INDUCING movie you stuperous funger!

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KingButz
08/25/11 1:19:00 PM
#31:


Rage inducing? I can think of many other reactions but certainly not RAGE INDUCING

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