Apple stock retreats as Jobs takes medical leave
Last Updated: Thursday, January 15, 2009 | 4:19 PM ET
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Shares of Apple Inc. retreated on Thursday, a day after company CEO Steven Jobs said he was taking a leave of absence until June due to health issues.
Apple's stock finished down $1.95 at $83.38 after earlier getting as low as $80.05.
Jobs, 53, told employees in a letter last week that he was suffering dramatic weight loss due to a hormone deficiency. He said at the time he had begun treating the condition and wished to remain at his post.
But in an email to Apple employees on Wednesday, Jobs said his current health issues are more complex than he thought.
The New York Times, citing two unnamed sources, said Jobs is not suffering from cancer, but from a condition in which his body has difficulty absorbing food.
Jobs is being replaced by Apple's chief operating officer, Tim Cook. Jobs said he will remain involved in major strategic decisions.
In the wake of the Jobs announcement, RBC Capital Markets cut its rating on Apple's stock to "underperform" from "sector perform." RBC also cut its price target on the stock back to $70 US from $125 US.
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