News of Steve Jobs's resignation as CEO of Apple (AAPL) Wednesday night shook both the tech and investing worlds, even if neither could be totally surprised given his fight with pancreatic cancer in recent years.
Following word that one of the great technology leaders of all time would be departing the top executive post at the company he founded, we wanted to get a sample of what the blogs following Apple had to say, as well as what observers on Twitter were offering. Here's some of what we turned up.
Felix Salmon, columnist and blogger for Reuters, had this on Jobs's departure:
"... [W]ith or without Jobs, Apple is, for the foreseeable future, going to coin simply astonishing amounts of money. It made $7.3 billion of profit just in the last quarter, on revenues of an almost unimaginable $28.6 billion. That makes Apple of the most profitable companies the world has ever seen -- and makes its stock look almost cheap, even at a market cap of $350 billion.
"No one man can be responsible for all or even most of that kind of performance. Jobs has always been the exception who proves the rule as far as the cult of the CEO is concerned -- he's one of very, very few CEOs who really did make an enormous difference to their company. But even so, he's just one guy, and he's built around him a super-talented team who know exactly what's expected of them."
That financial performance has indeed been rewarded in the stock market, and for the last couple of weeks Apple has been fighting with Exxon Mobil (XOM) for the title of most valuable U.S. company by market cap.
At Pragmatic Capitalism, Cullen Roche had this to say:
"The news of the day tomorrow will most certainly be about Steve Jobs and his resignation as Apple's CEO. I don't know what prompted it and it's not even worth speculating about. But one thing is certain. Steve Jobs is, without a doubt, one of the great entrepreneurs in the history of humankind."
News on Apple and Jobs is often found in the realm of Twitter, but after confirmation that he would be leaving the company, the pace was impressive, with more than 30,000 Tweets registering on the two topics in the past hour. Here are a few from the trading community:
-- Steve Sears @sm_sears - When discussing Steve Jobs, remember what happened to the company founded by another American genius. GE survived.
-- Jim Cramer @jimcramer - Very sad news about Steve Jobs at $AAPL. He is America's greatest industrialist. Perhaps the greatest ever.
-- Todd Harrison @todd_harrison - White Light to Steve Jobs and his family. Visionary.
-- Tradefast @tradefast - none of us knew that the $AAPL headline would hit today (after hours), but wise shareholders factored the headline into the stock valuation
-- Jon Najarian @optionmonster - My guess is that most of the buys/sells of 1,500 or more are not likely to be retail, not in extended hours.
-- Timothy Connolly @SconsetCapital - $AAPL Tomorrow will be Thursday August 25, 2011 A.J. (After Jobs.)
-- Greg Harmon @harmongreg - $AAPL is a chart and a trading vehicle, remember that, the people involved are another story, disconnect the two.
-- Thomas Thornton@TommyThornton - I am a contrarian by nature. I am short $AAPL and $GLD. Both should go lower.
-- Gtotoy @gtotoy - "Do you want to spend the rest of your life selling sugared water or do you want a chance to change the world?" Steve Jobs $AAPL
-- Eddy Elfenbein @EddyElfenbein - $AAPL is down $18.55 in AH which means Steve Jobs is worth $17.2 billion to the company. (Seems low)
- Steve Jobs