Apple stocks tumble as Jobs announces LOA

Apple stocks dropped an alarming 6.5% after trading hours when story got out that CEO Steve Jobs is taking a leave of absence for medical reasons.

For months, there have been speculation that Steve Jobs may be suffering from some health-related problems. This was the reason why he did not attend the MacWorld Conference (and did the keynote) last week.

Although he stated in an email to the Apple Community that he’ll be back by June, this news surely concerns people in the industry about the future of Apple. COO Tim Cook is taking over for the meantime.

Stocks dropped below the $80 mark after trading hours and continues to spiral down as the news spreads.

Source: YugaTech