Stunning: Apple (AAPL) CEO Steve Jobs Resigns

In a stunning announcement that will surely impact the company and its share price in the short term, Apple (NASDAQ:AAPL) CEO Steve Jobs announced he is stepping down as CEO of the tech giant, after 14 years at the helm of the company.

Jobs said in a letter, "I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know. Unfortunately, that day has come."

The news had been communicated before Jobs' announcement, as trading on the company was suspended prior to the public announcement. Shares were trading down after hours.

A expected, current COO Tim Cook will replace Jobs as CEO. The change is effective immediately, generating questions on the health of the Apple legend.

Steve Jobs' (AAPL) Biography to be Released in 2012

If it is done right, it will be a fantastic read, as Apple's (AAPL) Steve Jobs has reportedly finally given in to allow a biography to be done about him, which will be released in 2012.

Jobs will take part in the book, which will be named "iSteve: The Book of Jobs." It will be authored by Walter Isaacson and distributed by Simon & Schuster.

Jonathan Karp, publisher of Simon & Schuster, said, "This is the perfect match of subject and author, and it is certain to be a landmark book about one of the world's greatest innovators. Just as he did with Einstein and Benjamin Franklin, Walter Isaacson is telling a unique story of revolutionary genius."

Apple was trading at $331.28, falling $3.78, or 1.13 percent, as of 1:24 PM EDT.

Google's (GOOG) New CEO Ready for Prime Time?

With Google (NASDAQ:GOOG) co-founder Larry Page starting in his new position as CEO of the company today, there have been a number of observers who question whether Page is up to the task, taking into consideration some of his weaker traits.

Possibly of most concern is his past predilection for chasing after bizarre ideas. His overly-indulged rebellious streak and tendency to remaining aloof are other characteristics pointed out as questionable for someone taking the helm of a company like Google.

The question is probably more whether or not he can make the transition Steve Jobs did with Apple (NASDAQ:AAPL), where he was able to temper his idiosyncrasies and harness into tremendous creativity, but with discipline and control

Page retains similar characteristics in being smart, having a strong vision, and the passion to see it brought to fruition. But can someone like that embrace what Google has become without going off on tangent or odd directions? Only time will tell.

There are parameters in place which won't allow him to go too far astray. Think to Steve Jobs again. If he can be removed from Apple, like he was, Larry Page can surely be ousted at Google.

Of course he's been CEO before, but at that young age, including lack of discipline, it didn't work out for him or the company, and he was asked to step down.

Page has already made it clear as to what he has set as hit No. 1 priority, and that's to attack the bureaucracy and complacency he perceives at the company and start to act like a hunger startup again.

The bigger question is whether he can do it without instituting a shareholder rebellion against him. In other words, he can do what he wants as long as he's making them money. If he doesn't, there will be no doubt he will be shown the door once more.

But if he is able to make the changes while growing the company, he will position himself as another Steve Jobs who will be able to do little wrong.

At 38-years-old, that will guarantee him a job for life.

Apple (AAPL) May Expand AirPlay for Streaming Video

Apple Inc. (NASDAQ:AAPL) is considering an expansion of its AirPlay audio service to include streaming video from an iPhone or iPad to television sets, according to two people familiar with the project cited by Bloomberg.

Apple would license its AirPlay software to consumer-electronics makers that could use it in devices for streaming movies, TV shows and other video content, said the sources. Apple now only licenses AirPlay for streaming audio. Devices that could be used for video may be available this year.

An expanded AirPlay would allow users stream programming wirelessly from an Apple mobile device to a TV that carries the technology. That may spur wider use of Apple’s services and devices in consumers’ living rooms. Chief Executive Officer Steve Jobs has had limited success selling Apple TV, a set-top box introduced in 2007, and as recently as September still called the product a “hobby.”

Jasper Vervoort, a director of marketing at Royal Philips Electronics NV said, “Because of the market size they have with their portable devices, they have a naturally large share of the audio market. I don’t know how successful they will be with video. We would definitely have an interest in supporting it."

Apple closed Wednesday at $339.19, falling $2.01, or 0.59 percent.

Ford (F) Facing CEO Succession Concerns

An article from the Detroit Free Press started the conversation again about the succession plans of Ford Motor (NYSE:F), which has apparently had a detrimental effect on the stock of the company Monday.

The Detroit Free Press noteded the potential succession of CEO Alan Mulally, which may happen before the end of 2011 or potentially within the next few years. Mulally, though 65, hasn't made any official comments about stepping down as Chief at Ford, but some speculate as to who will be next in line should something happen.

An aging Warren Buffett as Berkshire Hathaway (NYSE:BRK-A) and poor health of Apple's (NASDAQ:AAPL) CEO Steve Jobs has shareholders pressuring companies to lay out a more transparent process concerning succession plans for the heads of companies.

Some names being thrown about for potential successors to Mulally include Ford Americas President Mark Fields, Ford Europe CEO Stephen Odell, Asia Pacific and Africa President Joe Hinrichs, Group Vice President of Marketing Jim Farley and Vice President of Global Product Development Derrick Kuzak.

CFO Lewis Booth and Chairman Bill Ford, Jr. are considered possible short-term candidates in case something unexpected happens.

Ford was trading at $14.03, down $0.39, or 2.67 percent, as of 1:12 PM EST.

Apple (AAPL) Shareholders Reject CEO Succession Rule

Apple Inc. (NASDAQ:AAPL) shareholders defeated a measure that would have required the company to outline succession plans, according to preliminary tabulations at the company's annual shareholder meeting on Wednesday.

Talent Shortage Ahead Access thousands of business sources not available on the free web. Learn More The succession-planning measure, brought by Laborers' International Union, would have required the Cupertino, Calif., electronics giant to produce an annual report on succession planning and develop criteria for candidates to the top position.

The call for more information about Apple's plans for changing leadership has taken on a new urgency since Chief Executive Steve Jobs, who received a liver transplant in 2009, went on medical leave suddenly last month. Neither the company nor Mr. Jobs have said what medical condition he is suffering from, nor indicated his prognosis.

Mr. Jobs didn't attend Wednesday's meeting, marking the second time in a decade he has missed the annual event.





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Apple's (AAPL) Tim Cook Has To Prove Himself

Very few people would want to be in the position that Apple's (NASDAQ:AAPL) Tim Cook is in, as to follow in the footsteps of one of the greatest entrepreneurs in history will be hard enough, but to carve out his own niche and to have vision of what consumers want before they know it, like Steve Jobs has, has yet to be proven.

For Tim Cook, the small-town football fanatic turned steward of the world's largest technology company, it always comes back to the vision question.

The search for an answer will frame succession planning discussions in Building 4 of 1 Infinite Loop -- the heart of Apple's California headquarters -- when Cook is expected to step in for his boss to lead the annual shareholders meeting on Wednesday.

But little did Cook know that a gut decision he made in 1998 during his first meeting with Silicon Valley legend Steve Jobs would forever change his life -- and alter the course of technology history.

Today, the heir presumptive at Apple Inc (AAPL)has to prove his technology instincts are as sharp as when he elected to jump ship from the once-mighty Compaq, which was then the world's top PC maker, to an Apple in the 1990s that was barely afloat.

"My most significant discovery so far in my life was the result of one single decision, my decision to join Apple," a reflective Cook told Auburn University students at his alma mater last year. "Working at Apple was never in any plan that I outlined for myself, but was without a doubt the best decision that I ever made."





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Apple (NASDAQ:AAPL) at Good Entry Point Says Ticonderoga

One of Apple's (NASDAQ:AAPL) biggest supporters remains Ticonderoga Securities, which still has the highest price target on the company by far. They see Apple being at a great entry point, and a good stock for value investors.

Ticonderoga says, "Despite Apple still operating in high growth mode, we believe it's a good time for value investors to take a look at the stock given the pullback in the shares last week in light of Steve Jobs's medical leave of absence, which overshadowed a big December quarter print and March quarter outlook. Although there could be further selling pressure, we believe the risk-reward is becoming so favorable that even value investors should begin buying the stock.

"With Apple's hot product portfolio, we expect the company to continue outperforming the tech sector over the next several years. For FY11, we are projecting 56% revenue growth and 54% EPS growth."

Ticonderoga maintains a "Buy" rating on Apple (NASDAQ:AAPL), which was trading at $335.32, gaining $8.60, or 2.63 percent, as of 2:09 PM EST. Ticonderoga has a price target of $550 on Apple.

Deutsche Bank on Apple (NASDAQ:AAPL), Steve Jobs

After the shocking and incredible announcement by Apple (NASDAQ:AAPL) CEO Steve Jobs that he would be taking another medical leave of absence, followed by a incredible quarterly performance by the company, it should be enlightening to look at what analysts like Deutsche Bank are saying about the amazing news.

Deutsche Bank (NYSE:DB) said, "This is the 3rd leave Jobs has taken due to health issues since 2004. We believe Tim Cook is a proven operator and very capable of managing Apple's day to day operations. We also believe AAPL's product roadmap for the next 12 months is largely set and Cook (and team) will ensure crisp execution on that roadmap."

Deutsche Bank reiterates a "Buy" rating on Apple (AAPL), with a price target of $410 on the company.

Ticonderoga Securities on Apple (NASDAQ:AAPL), Steve Jobs

Now that things look like they're settling down after the incredible announcement by Apple (NASDAQ:AAPL) CEO Steve Jobs that he would be taking another medical leave of absence, followed by a blow out quarterly performance by the company, it may be time to look at what analysts like Ticonderoga Securities are saying about the shocking news.

Ticonderoga Securities: "If the stock goes into a significant downturn in the coming weeks on this news and/or further developments in the future, we believe Apple would be wise to tap into its $51 billion net cash position (as of the end of FY10; we estimate $70.8 billion by the end of FY11) for a significant stock repurchase or a generous cash dividend. We wish Steve Jobs the best of luck in his recovery, and hopefully, he is back in the saddle at Apple before long."

Ticonderoga Securities reiterates a "Buy" rating on Apple (AAPL), with a price target of $550 on the company.

Wedbush on Apple (NASDAQ:AAPL), Steve Jobs

Now that things appear to be settling down after the surprise announcement by Apple (NASDAQ:AAPL) CEO Steve Jobs that he would be taking another medical leave of absence, followed by an terrific quarterly performance by the company, it may be time to look at what some analysts like Wedbush said about the situation.

Wedbush noted, "While we expect a negative reaction to Steve Jobs’ announced medical leave of absence, we believe Apple has the management team in place to execute and deliver on new products already in the pipeline. We would buy on any
material weakness...We believe Apple has a solid bench, led by COO Tim Cook, which should be able to continue to execute on Apple's strategic direction and product pipeline."

Wedbush reiterates an "Outperform" rating on Apple (AAPL), with a price target of $405 on the company.

Wells Fargo (NYSE:WFC) on Apple (NASDAQ:AAPL), Steve Jobs

After the major announcement by Apple (NASDAQ:AAPL) CEO Steve Jobs that he would be taking another medical leave of absense, followed by an incredible quarterly performance by the company, it may be time to look at what some analysts like Wells Fargo said about the events.

Wells Fargo (NYSE:WFC), "While there will likely be some negative stock response resulting from this headline, we are more than comfortable with the rest of the management team. We believe that the company has its product plans set in place for the next few years, and do not expect to see any change in strategy...While it is clear that Jobs can't be replaced, we believe Apple's brand, strategy, and depth of talent is in place and the company should be able to continue to execute well. We believe that the current valuation already reflects some of the risk investors have associated with his health concerns."

Well Fargo reiterates an "Outperform" rating on Apple (AAPL).

Barclays on Apple (NASDAQ:AAPL), Steve Jobs

Taking a breather after the unexpected announcement by Apple (NASDAQ:AAPL) CEO Steve Jobs that he would be taking another medical leave of absence, followed by an amazing quarterly performance by the company, it may be time to look at what some analysts like Barclays said about the situation.

Barclays noted "While Steve Job's health has been a constant concern for investors given previous issues and his importance to the company, we believe this announcement will still come as a negative surprise given it is the second leave in just two years, and this time there doesn't appear to be a date set that he expects to be back. That said - Apple's succession plan is obvious to us - Tim Cook is a proven executive who can handle the pressure and knows how to run the inner workings of Apple in Steve's shadow. We believe Apple is in capable hands."

Barclays reiterates an "Overweight" rating on Apple (AAPL), which closed Wednesday at $338.84, down $1.81, or 0.53 percent. Barclays has a price target of $420 on Apple.

Janney Capital on Apple (NASDAQ:AAPL), Steve Jobs

Taking a breather after the extraordinary announcement by Apple (NASDAQ:AAPL) CEO Steve Jobs that he would be taking another medical leave of absence, followed by an extraordinary quarterly performance by the company, it may be time to look at what some analysts said about the situation.

Janney Capital says, "We believe this latest development will put pressure on the shares and we expect some holders to take profits as the market reacts to this latest medical leave. However, we continue to believe in the (1) products, (2) Apple’s innovation engine, (3) financial model/performance, and (4) management team. We would be buyers of the shares on weakness here."

Janney maintains a "Buy" rating on Apple (AAPL), which closed Wednesday at $338.84, down $1.81, or 0.53 percent. Janney has a price target of $395 on Apple shares.

Apple (NASDAQ:AAPL) Gets Crazy $550 PT from Ticonderoga

Just about every analyst seems to have weighed in on Apple (NASDAQ:AAPL) in response to their amazing quarterly results Tuesday, with the most exuberant being Ticonderoga, which raised their price target on Apple to a Street high of $550.

Ticonderoga Securities analyst Brian White said, "Despite Monday's news regarding Steve Jobs' medical leave of absence, we believe it will difficult to keep Apple's stock from making new highs given the much stronger than expected quarter and outlook reported by the company last night. With the stock now trading at just over 11x our conservative CY11 EPS estimate (ex-cash), we believe there is plenty of upside left in the stock price and we are raising our 12-month price target to $550.00."

The prior price target of Ticonderoga was $450, the high end of the majority of other price target estimates.

Another major factor cited by White was the growing success of Apple in China, where he says they have "clearly caught Apple Fever."

Ticonderoga is boosting their second quarter 2011 revenue projection from $19.73 billion to $22.75 billion and increasing their EPS estimate from $4.15 to $5.13.

For fiscal 2011 they are increasing revenue estimates from $88.50 billion to $102 billion and raising their EPS estimate from $19.01 to $23.36.

Apple was trading at $343.89, up $3.23, or 0.95 percent, as of 11:46 AM EST.

Apple (NASDAQ:AAPL) Earnings Report Exceeds Expectations

Unsurprisingly, Apple Inc. (NASDAQ:AAPL) has a spectacular first quarter, led by extraordinary sales of the iPhone and iPad.

This should give another major boost to the share price of the company, although it could be tempered some by the recent announcement CEO Steve Jobs was stepping down for medical reasons concerning the day-to-day operations of the company.

Revenue in the first quarter exploded to $26.74 billion, easily beating the $24.38 billion the Street was looking for. Earnings came in at a robust $6.43 a share, also significantly beating analysts' estimates of $5.38.

Apple CEO Steve Jobs stated, “We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales. We are firing on all cylinders and we’ve got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers can’t wait to get their hands on.”

Gross margins for Apple expanded nicely in the quarter too, rising from estimates of 37.3 percent to an actual 38.5 percent.

Guidance from Apple was also strong, with second-quarter earnings expected to reach $4.90 a share on $22 billion in revenue. That's up from Street expectations of earnings of $4.47 a share on revenue of $20.87 billion.

Apple closed Tuesday at $340.65, losing $7.83, or 2.25 percent. At a little after 5 PM EST, the stock came roaring back, trading after hours at $354.31, gaining $13.78, or 4.05 percent, as of 4:51 PM EST. Apple shares are trading hands extremely fast.

What Apple (NASDAQ:AAPL) Loses without Steve Jobs

The murky cloud that always has surrounded an announcement by Apple (NASDAQ:AAPL) or Steven Jobs continues on, as the latest revelation that Jobs will be taking his third leave of absence over the last seven years didn't have any details included with it, although the assumption is it is connected to past ailments.

Needham says, "Apple announced that for the third time in seven years, Steve Jobs was taking a medical leave. The first in 2004 was to recuperate from an operation for pancreatic cancer while the second in 2009 was for a liver transplant. We think it’s reasonable to infer that the current leave is related to the previous two.

"As arguably the greatest innovator in the past century, Jobs has successively disrupted and redefined a series of industries, starting with the iPod in 2001, the iPhone in 2007 and most recently, the iPad in 2010...What Apple loses, then, in Jobs absence is the ability to redefine markets and industries going forward—in short, the option value of future innovations."

For today, even though the share price of Apple is weighed down on the leave of absence announcement by Jobs, the expected solid quarterly report will sure to cause at least temporary relief from the situation.

In anticipation of that, the share price of Apple has gradually rebounded after taking a big hit early in the trading session.

Needham & Company reiterates a "Buy" rating on Apple, which was trading at $339.37, down $9.11, or 2.61 percent, as of 12:20 PM EST. Needham has a price target of $375 on Apple.

Apple's (Nasdaq:AAPL) CEO Steve Jobs Health Under Scrutiny, Takes Another Medical Leave of Absence

For the second time in two years, Apple's (Nasdaq:AAPL) CEO Steve Jobs will take another leave of absence, generating concerns over his state of health and the severity of his condition.

Jobs has battled pancreatic cancer in the past, and in 2009 he underwent a liver transplant. It's unknown if his current health issues are related to complications of the liver transplant or a new health problem he has to deal with.

Announcing it a day before the companies' expected blowout earnings report suggest something serious Jobs is facing.

No specifics of Jobs' decision were released, and along with uncertainty as to what is wrong, the length of time he'll be on leave wasn't addressed either.

Jobs said COO Tim Cook will take over daily operations while he will remain CEO, remaining involved with major decisions related to the company.

While nobody can replace Jobs, the one positive if it's a dire situation for Apple, is the pipeline for the next couple of years is filled, and execution of the strategy shouldn't be a problem whether Jobs is at the helm on a daily basis or not.

Also to be considered is how much of that pipeline under the assumption of a Jobs leadership is already priced into the stock of the company.

Apple will probably fall in early trading, and rebound after the earnings report is released.

From there it's anyone's guess as to where the share price will go and how much the market prices into the shares in connection with Jobs. More than likely it's significant, and it could be determined by how much Jobs allows to be released to the public.

Either way, what was extremely clear for Apple just a couple of days ago has suddenly become very murky.

Apple (NASDAQ:AAPL) CEO Steve Jobs Named Financial Times 'Person of the Year'

Awards and accolades are nothing new to Apple (NASDAQ:AAPL) CEO Steve Jobs, whose latest one is being named the "person of the year" by UK-based Financial Times.

Concerning Jobs and the iPad, they said it was "the culmination of an approach that (Jobs) has seemingly been perfecting for his entire career."

The Financial Times went so far as to conclude the influence of Jobs on the recovery of Apple over the last 10 years is "the most remarkable comeback in modern business history."

Other financial publications honoring Jobs in the recent past include being named the "CEO of the Decade," by Fortune and MarketWatch, with MarketWatch making the declaration just lat month. Fortune's recognition of Jobs was in 2009.