After Apple CEO Steve Jobs announced his resignation yesterday, it seemed only natural that shares for the company’s stock would take a dip in price. After hours last night, the stock was trending down more than 6 percent in value. As of this morning, the decline was closer to 2%, but it still cuts the company’s market value by $5.5 billion.
As of 9:45 a.m. EST this morning, Apple’s stock was trading at $369.79, down 1.7 percent. The early morning trading gave Apple a market capitalization of about $348.8 billion, down by about $5.5 billion from Wednesday night.
Analysts had suggested that not much would change overnight at Apple with Jobs’ announcement. Dave Ernst, an analyst at Hudson Square Research, said he still recommends investors buy Apple stock, despite the decline.
“The Apple story is not about a given gains and operating execution. If the stock is down, it’s an opportunity to buy,” Ernst said.
Still, despite the decline, Apple remains the U.S. company with the second-highest market value, after being overtaken from the top spot by oil giant Exxon Mobile.
Jobs’ replacement is Tim Cook. I wonder what we can expect from Apple and its stock value in the coming days, weeks, and months.