New York (AirGuideBusiness - Travel Technology Business News North America) Aug 28, 2011
Apple Cook officially steps in as Jobs steps down from top job at Apple. Steve Jobs officially resigned from the CEO post at Apple on Wednesday, saying in a letter that the time had come when he could no longer meet the duties of the job. Jobs was diagnosed with cancer in 2004 and had been on his third medical leave of absence when he made the announcement; he'll remain with the company in the newly created position of chairman. Chief Operating Officer Tim Cook, who has been taking care of day-to-day operations while Jobs has been on leave, was named the new chief executive of the company. Aug 25, 2011
Apple Report: Apple stores are the clear leader in sales per square foot. Apple ranked No. 1 in terms of sales per square foot in a recent study of 160 top U.S. retailers, with twice as many transactions as second-place merchant Tiffany & Co., according to a report from RetailSales. Aug 25, 2011
Apple Steve Jobs resigns at Apple; investors panic. Wednesday's announcement that Apple founder and chief executive Steve Jobs was stepping down from the helm of the firm caused a sell-off of the company's stock in after-hours trading, knocking $17 billion off Apple's market value in spite of reassurances from analysts that the company remains in good hands. Aug 25, 2011
Apple Asian Tech Firms Brace for New Landscape . Some of the biggest effects of Steve Jobs's resignation at Apple Inc. are likely to be felt in AsiaNhome not only to the company's main suppliers but to many of its biggest competitors as well. Analysts say the biggest question for suppliers, such as Taiwan's Wintek Corp. and Hon Hai Precision Industry Co., is likely to be whether the departure of Apple's creative force saps the energy that has produced whole new product segments. Apple's iPhone and iPad, to name just two products, essentially were catalysts for the entire smartphone and tablet industries. And for competitorsNfor example, Taiwan's HTC Corp. and South Korea's Samsung Electronics Co. and LG Electronics Co.Nany falloff in Apple's marketing prowess could spell opportunity. Some of those same companies also sell parts to Apple, however. Samsung has provided chips for the iPad, iPhone and iPod Touch, and the LG Display Co. unit of LG is an iPad supplier. There is "risk that [Apple] won't be as innovative as before," and "innovation these days is definitely what the [information technology] industry needs," said Michael Clendenin, managing director of RedTech Advisors in Shanghai. Other companies had worked on tablet PCs before, "but it was really Steve Jobs that came up with the right kind of software and services that turned that into much more than a machine," Mr. Clendenin said. "The problem with [the rest of] the IT industry is they focus too much on the machine and not the content." Shares of contract manufacturers fell Thursday. Shares of Hon Hai, which assembles Apple's iPhones and iPads in China, dropped 4.6%. Shares of touch-screen supplier Wintek fell 6.9%, and those of Taiwan-based Catcher Technology Co., which makes metal casings for Apple, fell 6.8%. Competitors' stocks rose on hopes that a leadership change might distract the U.S. company. Shares in HTC, a leading rival in smartphones, rose 1.4%, while Samsung's rose 2.4%. LG Electronics's stock gained 1.3%. Investors reactions notwithstanding, analysts and executives at Asian technology companies said they don't anticipate immediate shock waves since Mr. Jobs is staying on as chairman and because Apple's product plans are firmly established for the next year. Asian suppliers said last week, for example, that Apple has started ordering parts for a third generation of iPads for release next year. People in the industry also said there is little reason to think Apple will shake up its manufacturing ties. Chief Operating Officer Tim Cook, Mr. Jobs's hand-picked successor as chief executive, is the person credited with building and managing Apple's supplier relationships. Apple is a well-established company," said Samsung Securities analyst Birdy Lu. "I believe [Mr. Jobs] will still be involved in key decisions." The combination of Mr. Jobs and Mr. Cook "should help Apple maintain its competitive edge." Apple's growth in recent years has been a boon to its suppliers. Hon Hai, also known as Foxconn, is the world's largest contract manufacturer of electronics and counts Apple as one of its biggest clients. Hon Hai said it believes Apple will continue to thrive. "Hon Hai and Apple are long-time partners. We believe our relationship will get closer in the future in spite of the management change," the Taiwan company said. Hon Hai Chairman Terry Gou long has worked closely with Mr. Cook. After employee suicides last year at Hon Hai's expansive facility in Shenzhen, China, drew international attention, it was Mr. Cook who led an Apple team to China to discuss remedies with Mr. Gou. WintekNwhose revenue nearly tripled last year largely because of demand for its touch screens, which are used on iPhones and other devicesNdeclined to comment. Catcher also declined to comment. Asia also has become an increasingly important market for Apple, and any changes after Mr. Jobs's departure could affect Asian cellphone carriers that offer the iPhone. Mr. Cook has been involved in negotiations with key potential partners in Asia, such as China Mobile Ltd., however, and investors didn't seem concerned. Shares of China Unicom (Hong Kong) Ltd., which sells the iPhone in China, gained 12% Thursday, and shares in Softbank Corp., the only carrier of the iPhone and iPad products in Japan, edged up 1.7%. "Apple's products fueled Softbank's growth in recent years and personal ties between [Softbank CEO] Masayoshi Son and Steve Jobs may have played a major role in shaping the relationship between the two companies," said Yusuke Tsunoda, an analyst for Tokai Tokyo Research Center. He said Apple could decide to use multiple carriers in Japan, as the company does in the U.S., which would be a negative development for Softbank. Softbank declined to comment. NJung-Ah Lee in Seoul and Juro Osawa in Tokyo contributed to this article. Aug 25, 2011
Apple Was There a Steve Jobs Discount Built Into Apple's Stock?. There is a lot of discussion in the aftermath of Steve JobsO announcement that he would be stepping down from the CEO role about if AppleOs (AAPL) stock can continue to grow at the same pace without him. The stock is up over 9,000% since he returned in 1997, weOve been reminded by the media. The assumption is that thereOs been a OSteve Jobs PremiumO built into the stock price of the 2nd most valuable company in the world by market capitalization. After all, most of us are hard-pressed to deny that Jobs was almost half-CEO, half-magician with how he created a sense of buzz, style, and user devotion around all of AppleOs products.
If fans of Apple [ETH] whether users or consumers [ETH] were part of the Apple cult, Jobs was undoubtedly the charismatic leader. This dynamism of Jobs surely must have been part of the success built in to the stock price. But, I would argue that itOs been quite the opposite for at least the last several years. ThereOs actually been a major OJobs DiscountO attached to the stock. As long as he was still CEO, taking several medical leaves and then returning, many wondered what would happen when he finally left his post. This uncertainty about what would happen after he leaves is now partially answered, and with it a weight lifted off the stock price. We know that Jobs will move up to Chairman. Aug 25, 2011
Apple Market Is Missing This Apple Story . Apple has recently announced that Steve Jobs will be resigning as Chief Executive Officer and will be succeeded by Tim Cook. This announcement caught many investors off guard. Investors expected Jobs to step down from day-to-day operations one day, but they didn't think that it would be so soon. After the announcement, AAPL dropped as much as 7 percent in after hours trading...