Steve Jobs decision to step down as Apple Inc. (AAPL)’s chief executive officer erased as much as $52 billion from the benchmark gauge for U.S. stocks, futures trading shows.
The September contract on the Standard & Poor’s 500 Index slumped up to 0.6 percent after Jobs released his statement at 6:34 p.m. in New York yesterday. The measure’s total market value was $9.34 trillion at the close of regular trading at 4 p.m., data compiled by Bloomberg show. Apple fell 5.1 percent.
Jobs, 56, who has battled cancer and had a liver transplant, presided over a 9,020 percent surge in the stock since July 29, 1997, the day before the San Francisco Chronicle broke the news that he would be named interim CEO. Over the same period, the shares grew in value to $348.7 billion from $2.08 billion. Apple briefly surpassed Exxon Mobil Corp. this month as the world’s most valuable company. Chief Operating Officer Tim Cook, 50, succeeded Jobs.
“The fortunes of Apple have been closely identified with Steve Jobs,” Matt McCormick, a money manager at Cincinnati- based Bahl & Gaynor Inc., which oversees $4 billion, said in a telephone interview. “When he is in, the stock outperforms. The stock will languish until Cook can reassure investors and demonstrate his value. It’s not the end for Apple, but the end of a chapter.”
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