Is Jobs Back at Apple?

Yesterday morning on Twitter I noted that Steve Jobs was quoted in Apple's (AAPL) press release announcing 1 million sales of the new iPhone 3Gs. I quickly completed a scan of Apple press releases going back to late March and found no other instance of Jobs being quoted.

This morning, AppleInsider.com reported the same and stated that this is the first time Jobs has been quoted in an Apple press release since he began his leave of absence in January. I think this is a very strong signal that Jobs has in fact returned to Apple. The extent of his participation is still up in the air as no one knows how much stamina he has following his recovery from his latest health issues. As widely reported, Jobs apparently had a liver transplant a few months ago.

Also worth noting it that there have been several sightings of Jobs on the Apple corporate campus.

Overall, Jobs' leave of absence has diffused the impact of his health on the stock. Tim Cook and Phil Schiller both raised their profiles and were easily accepted by investors. Furthermore, the company performed well in Jobs' absence on a fundamental basis with product introductions and strong quarterly results.

I trimmed Apple a few months ago at $133 as I felt the risk-reward was more balanced following the 60% recovery in the shares. I maintain my 2009 target of $150 plus based on the assumption that reported earnings growth resumes in 2010.

Comments

[rrtzmd:]

...Jobs is up prancing around two months after a liver transplant??...yeah, right:

www.cambridge-transpla...

...and like there wouldn't be a few million videos of him on youtube already?...what a joke!...it's becoming more bizarre every day!...tomorrow someone'll be reporting they saw Steve and Elvis shooting craps in Vegas!...

Jun 24 10:11 AM

[hwyflier:]

Vision doesn't require stamina. You can have vision from your hospital bed and Steve is way better off than that. This is Apple "phase 3".

Jun 24 10:46 AM

[hwyflier:]

Responding to rrtzmd, actually yes, he can be. Having been involved in many organ transplants the rate of recovery is certainly variable, but a person like Steve could be up to full speed by now. Case in point, Carroll Shelby, status post 2 heart transplants, 85 an going strong, 2 companies, countless projects and his name on everything.

Jun 24 10:49 AM

[brewer:]

He could easily be at work 2 months post surgery, and could even play tennis at that point. That is standard.

Jun 24 11:33 AM