Steve Jobs sneezes and the Nasdaq catches a cold. In a press release this morning, Apple announced that Steve Jobs would return to medical leave in order to take care of his health. While we sympathize with Steve Jobs and certainly understand that his health should be a priority for him and his family, this is the day that AAPL stock holder have been dreading for a while. The stock took a hit in European markets upon the announcement:
And the Nasdaq futures plunged over 1%. As opposed to the stock market, futures market are generally open at least in the morning of US holidays.
What I personally find irritating is the way that Apple releases the information. First, on a holiday when the news cannot be traded in real time and second, the lack of details will lead to increased speculation and volatility especially so close to an earnings release.
In the meantime, we wish the best to Steve Jobs!
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