Apple stock is taking a huge hit in after hours trading after Steve announced his leave of absence.

Apple Stock closed the day at $85.33 a drop of $2.38 (-2.71%)

Since the announcement by Apple and Steve Jobs of his medial leave of absence, and news that Tim Cook will be filling in for Steve until the end of June, the stock has fallen to $78.91 a drop of $6.42 (-7.52%) as of press time. 

The stock price is still falling at this moment. 

Update:

After Hours: 78.63 -6.70 (-7.85%) - Jan 14, 5:18PM EST

After Hours: 79.42 -5.91 (-6.93%) - Jan 14, 5:31PM EST 

After Hours: 80.15 -5.18 (-6.07%) - Jan 14, 5:59PM EST 

After Hours: 79.65 -5.68 (-6.66%) - Jan 14, 6:49PM EST