Apple shares recover after taking an afternoon dip
By Hayley Tsukayama,
Apple’s stock closed just 0.2 percent lower than Wednesday after taking a dive in early afternoon trading, a sign that perhaps investors aren’t overly concerned about how the death of former chief executive Steve Jobs will affect the company.
Shares opened down, but climbed steadily throughout late-morning trading, up more than 1 percent by the approach of mid-day. Shortly after noon, however, they began falling again to $373.80 before ticking back up $377.37 at the close of the trading session.
Share prices fell sharply in the past when Jobs announced his intention to go on medical leave, and dropped around 5 percent after the visionary co-founder announced that he would resign as the company’s chief executive and hand the reins over to then-COO Tim Cook.
Apple stock had mostly recovered from the hit the company took Tuesday after the company announced the release of the iPhone 4S.
The company faces an increasingly competitive technology market, The Washington Post’s Michael Rosenwald reported. With Google’s Android platform heating up the smartphone market, Netflix moving to capture the world’s living rooms and Amazon dipping its toe into the tablet market, Apple will have to prove to its investors that it can move ahead with the same passion for innovation and insight into consumers that it has enjoyed under Jobs’s leadership.