Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Steve Jobs' departure pushes Apple stock down 2.25%

apple_stock.top.jpgClick chart for latest Apple stock quote By Aaron Smith, staff writer


NEW YORK (CNNMoney) -- Shares of Apple fell Tuesday, one day after chief executive and co-founder Steve Jobs announced 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, shed nearly 4% in early trading, before bouncing back a bit to close down 2.25%.

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 comes as Apple is preparing to announce its quarterly earnings after Tuesday's closing bell.

After the market close on Tuesday, Apple reported its best-ever quarter, with revenue of $26.7 billion driven by holiday iPad and iPhone sales that were much better than forecast. Apple's profit of $6 billion also set a new record.

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. Apple's stock slipped about 2.3% immediately following both of his previous medical-related announcements but the stock is up  To top of page

Index Last Change % Change
Dow 17,817.09 -34.42 -0.19%
Nasdaq 4,895.14 0.25 0.01%
S&P 500 2,089.11 -1.43 -0.07%
Treasuries 1.84 -0.03 -1.39%
Data as of 12:53pm ET
Company Price Change % Change
Bank of America Corp... 14.76 -0.15 -1.04%
Apple Inc 99.59 -0.03 -0.03%
Chesapeake Energy Co... 4.26 -0.09 -2.07%
Freeport-McMoRan Inc... 11.44 -0.21 -1.80%
HP Inc 12.90 0.70 5.70%
Data as of 12:39pm ET

Sections

Abercrombie & Fitch reported a loss of $40 million, along with declining sales. The teen fashion brand's stock plunged 12% on Thursday. More

Moody's Analytics has correctly predicted the winner of every presidential race since 1980. The model says Hillary Clinton or Bernie Sanders will triumph in 2016. More

A jury is currently deliberating a landmark court case between Google and Oracle that has broad implications for the software industry -- and could force Google to pay Oracle billions of dollars. More

When so many families are stuck having to borrow money to send their kids to college, these middle class students were able to graduate debt-free. More