Remember all the hand-wringing and analyst prognostications about gloom and doom at Apple if and when CEO Steve Jobs ever stepped down? Apparently the folks on Wall Street don’t, because Apple’s stock is flying high since Tim Cook stepped into the CEO shoes nearly a month ago.
Deadline is reporting that fears of Wall Street retreating from Apple Inc. in the wake of CEO Steve Jobs’ departure nearly a month ago appear to be unfounded, with the company’s stock actually inching higher over the last four weeks rather than retreating as many predicted.
“Wall Street is giving Apple’s post-Steve Jobs transition a thumbs-up, at least so far,” the website reported on Monday. “The company’s shares rose 2.78 percent today to close regular trading at $411.63, an all-time high for Apple. The surge gives it a market valuation of $381.6B, making it the most valuable company on the stock market. Exxon Mobil had held the top market cap at $358.3B. The stock is up 10.14 percent since the day after Jobs stepped down as CEO and was replaced by Tim Cook nearly a month ago.”
Now how about that! Apple’s board of directors must be smiling indeed, as it appears the company’s transition strategy has worked out just fine so far. If newly appointed CEO Tim Cook can guide the company through the next month or so with the release of a next-generation iPhone and the debut of iCloud, the future looks bright indeed.
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