Joy to the world!
No, it isn’t Christmas but it might as well be. Let the markets be stilled and investors rejoice because Apple Inc. (Nasdaq: AAPL)’s Steve Jobs is coming to town.
In the beginning, the 54-year old Jobs said his medical leave would run from January, when he originally announced his temporary resignation, through the end of June. But despite his assurances that he would still remain active in strategic decisions and did in fact plan on returning, investors panicked.
That terror can be partially blamed on the general market fears so prevalent at the beginning of the year, but this isn’t the first time the renowned CEO’s health has been an issue for shareholders, who credit him with turning around the company in 1997.
And let’s face it: They have some reason both for their faith in him and their fears.
Back in 1976, a younger Steve Jobs - who incidentally had dropped out of college - helped to establish Apple in a Silicon Valley garage. The company grew enough to warrant a board of members, which initially wasn’t a good thing for Jobs. After a tussle of wills, he left the company in 1985, and the company floundered for over a decade.
Then, in 1997, Apple apparently admitted the error of its ways and Mr. Jobs returned to the scene to change our social lives forever. I mean really, is life even worth contemplating without your iPod and iPhone? Apple shareholders would say no.
Just as many of them would say no to a Jobs-less Apple Inc. Back in 2004, he contracted a rare form of pancreatic cancer, which he manage to beat. But ever since then, rumors about his health have circulated off and on, and each time they do, the stock moves down.
With Jobs returning as scheduled though, investors can kick back and change their iTunes playlist from Nelly Furtado’s “Flames to Dust” (or any other depressing break up song) to the Hallelujah Chorus.
Jeannette Di Louie
Disclosure: No positions