Apple's stock dives on MacWorld news

December 17, 2008 5:21:48 PM PST
Apple's stock took a steep dive Wednesday.

The Cupertino company's shares fell more than 6.5 percent on news that Steve Jobs has pulled out of the MacWorld expo in San Francisco next month.

An Oppenheimer analyst downgraded Apple's stock to a neutral rating after the MacWorld announcement. He said jobs and the company he co-founded should be more forthcoming about the chief executive's health.

A personal computing analyst told ABC7 there will always be concerns about Jobs after a bout with pancreatic cancer two years ago.

"People certainly are speculating if this has anything to do with Steve Jobs' health," Harry McCracken of Technologizer.com said. "But this is not just about Steve Jobs not giving the keynote address next month, they say they're done with MacWorld forever."

Analysts say it makes sense for Apple to pull out of MacWorld, since the trade show is not run by Apple, but the Oppenheimer analyst wants to see the company's succession plan should jobs need to leave the company.


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