Apple shares drop in wake of Jobs' health disclosure

Shares of Apple were down more than 4 percent in trading on Thursday in the wake of CEO Steve Jobs' revelation Wednesday afternoon that he would be taking a leave of absence from the company until June because of health problems.

The company's stock was down as investors looked to discern what the news meant. Jobs, 53, has survived pancreatic cancer, and, according to a report in The New York Times, his recent health problems are not a recurrence of cancer. As recently as Jan. 5, when Jobs revealed that he had a hormone imbalance, he said he would stay on as CEO.

The company's prospects over the last year, as Jobs has frequently appeared thin and gaunt, has risen and fallen with news about its founder's health.

Jobs said in an email to employees Wednesday that his health issues are more complex than he previously thought, and that questions over his health were becoming too much of a distraction for the company.

"In order to take myself out of the limelight and focus on my health, and to allow everyone at Apple to focus on delivering extraordinary products, I have decided to take a medical leave of absence until the end of June," he wrote. 

Apple's chief operating officer, Tim Cook, will take over Jobs' responsibilities until then.

For more:
- see this article
- see this NYT piece

Related Articles:
Steve Jobs taking medical leave from Apple
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