After Steve Jobs death late Wednesday, shares of Apple (ticker symbol: AAPL) dipped by 1 percent in early trading. However, his cancer battle and lesser role was largely factored in to today’s stock trading.
Investors, shareholders, and Wall Street did not flinch much at the slight decrease in the company’s stock price. During early morning trading, AAPL experienced a market sell-off of .04 percent (or $1.69/share) taking the price down to $376.56.
To some companies, this dip in the security could represent a mass depreciation in the company’s value. However, according to the Wall Street Journal, shares of Apple Inc. are up 31 percent over last year.
Furthermore, Steve Jobs‘ death prompted a similar fall in the stock price several times since 2004 when the technology co-founder and “visionary” took various company leaves for pancreatic cancer treatments.
Oppenheimer analyst Ittai Kidron said, “While expectations for Mr. Jobs’ involvement as chairman were likely small given his health problems, he was still potentially available as an adviser and leader in the background.”
And under Jobs’ leadership, the company still managed a successful “Let’s Talk iPhone” event the day before. During that media event, Apple did not introduce the long-awaited iPhone 5 release date.
Instead, new CEO Tim Cook and company introduced the iPhone 4S in response to the Samsung Galaxy SII (2). The team also introduced iOS 5, iCloud, new iPods, and a host of advanced apps.
Investors kept a close eye on the goings on with Apple as Steve Jobs stepped down in August after giving up his instrumental duties for good.
Bear in mind that he is largely responsible for growing the company 43-fold during his reign as the company’s chief. Undoubtedly, shareholders expected a slight dip in the stock’s price after his death from a long battle with pancreatic cancer. Today’s slight dip is a vote of confidence in the company’s future.
In short, financial experts and shareholders are banking on the solid footing Jobs left. The company is strong and has a solid business model. Furthermore, it’s 83 percent increase in share earnings since the last fiscal quarter places it in great shape for growth.