Seoul shares gained ground on Thursday as investors poured money into recently beaten-down shares, with tech heavyweights rallying after Steve Jobs resigned from his CEO position at rival Apple .
The junior Kosdaq market was up 1.1 percent. Which Elite Money Managers Are Apple Bulls?
My colleague Eric Savitz offers readers some good reasons why it’s a smart idea to buy Apple’s stock as it trades down in the wake of Steve Job’s resignation announcement. Superstar investor David Einhorn of Greenlight Capital has Apple listed as his funds third biggest holding. Zweig favored growth stocks with reasonable valuations and Apple fits the bill.
Apple Stock Falls After Jobs Announcement
Apple’s stock is getting hit hard in after-hours trading following the announcement that CEO Steve Jobs has resigned.
Jobs, who will become chairman, is handing over the day-to-day operations to former COO Tim Cook, who has deftly operated the company in Jobs’s absence before.
At one point, shares traded down $20.19, or 5.37 percent, to $355.99. That translates roughly to $18.5 billion in market value.
Investors, who recently pushed Apple shares high enough for the phone and computer-maker to overtake Exxon Mobil as the world’s most valuable company, obviously places overwhelming value on Jobs.
At the time, AllThingsD’s John Paczkowski called investors wusses. “Yes, Jobs’s sensibility pervades Apple’s culture and its products, but that culture and those products are not tethered to his health or day-to-day presence at the company. And Apple’s deep executive bench is more than capable of running it — and running it well — in his absence. … Apple will endure — with or without Steve Jobs.”
Apple’s stock is getting hit hard in after-hours trading following the announcement that CEO Steve Jobs has resigned.
Steve Jobs at D8 | Photo by Asa Mathat
At one point, shares traded down $20.19, or 5.37 percent, to $355.99. That translates roughly to $18.5 billion in market value.
Investors, who recently pushed Apple shares high enough for the phone and computer-maker to overtake Exxon Mobil as the world’s most valuable company, obviously places overwhelming value on Jobs.
At the time, AllThingsD’s John Paczkowski called investors wusses. “Yes, Jobs’s sensibility pervades Apple’s culture and its products, but that culture and those products are not tethered to his health or day-to-day presence at the company. And Apple’s deep executive bench is more than capable of running it — and running it well — in his absence. … Apple will endure — with or without Steve Jobs.”
Apple’s stock is getting hit hard in after-hours trading following the announcement that CEO Steve Jobs has resigned.
Steve Jobs at D8 | Photo by Asa Mathat
At one point, shares traded down $20.19, or 5.37 percent, to $355.99. Investors, who recently pushed Apple shares high enough for the phone and computer-maker to overtake Exxon Mobil as the world’s most valuable company, obviously places overwhelming value on Jobs.
At the time, AllThingsD’s John Paczkowski called investors wusses. Apple will endure — with or without Steve Jobs.”
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