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What’s Going On at Apple

Courtesy of Justin Sullivan, Getty Images.

Apple’s co-founder and CEO, Steve Jobs, announced yesterday he will be taking an indefinite medical leave of absence from the company.  This is Jobs third medical leave.  If you recall, back in 2004, the 55-year old had surgery for pancreatic cancer.  In 2009, he underwent a live transplant.  Jobs also stated he will continue to serve as Apple’s CEO while out and be involved in major strategic decisions.  What does this mean for the company?

Well, evidently it has already started to effect the company.  The announcement has already brought Apple’s shares down more than six-percent in the European market.  Investors are awaiting Wall Street’s reaction when the stock market opens today after the three-day holiday weekend.  However, today Apple is expected to report a 50-percent jump in quarterly sales.

Apple is the second most valuable corporation in the U.S., while holding the title of the world’s most valuable technology company.  Investor reaction to Apple’s announcement could provide mixed news to the company’s rivals, whom rely on Apple for supplies.

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