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"All Eyes on Apple
Exchanges were closed in New York for the Martin Luther King Jr. Day holiday. Nasdaq-100 Index futures expiring in March sank 1.3 percent in electronic trading. Apple makes up about 21 percent of the Nasdaq-100, a gauge of the largest companies that trade on the Nasdaq Stock Market. The index closed last week at its highest level since February 2001, while the S&P 500 ended at the highest level since August 2008. Apple shares tumbled 6.2 percent in Germany after the U.S. shares cloed at a record $348.48 last week in New York.
Apple Chief Operating Officer Tim Cook will be responsible for the Cupertino, California-based company’s day-to-day operations, with Jobs continuing as CEO, Apple said, citing an e-mail to employees from Jobs. The Apple co-founder took a nearly six-month break to have a liver transplant in 2009.
“Apple shares will obviously be getting hit, as shareholders rightfully command a premium for a CEO like Steve Jobs,” said Dave Lutz, head of ETF trading and strategy at Stifel Nicolaus & Co. in Baltimore. “Any selloff will be used as a buying opportunity, as Steve Jobs has high confidence in Tim Cook, and the two have worked closely defining Apple’s strategy and vision. Last time Jobs had to take time, that proved a huge buying opportunity for the stock.” Lutz said. “I bought then, and will be buying in weakness tomorrow.” "[/b]
"All Eyes on Apple
Exchanges were closed in New York for the Martin Luther King Jr. Day holiday. Nasdaq-100 Index futures expiring in March sank 1.3 percent in electronic trading. Apple makes up about 21 percent of the Nasdaq-100, a gauge of the largest companies that trade on the Nasdaq Stock Market. The index closed last week at its highest level since February 2001, while the S&P 500 ended at the highest level since August 2008. Apple shares tumbled 6.2 percent in Germany after the U.S. shares cloed at a record $348.48 last week in New York.
Apple Chief Operating Officer Tim Cook will be responsible for the Cupertino, California-based company’s day-to-day operations, with Jobs continuing as CEO, Apple said, citing an e-mail to employees from Jobs. The Apple co-founder took a nearly six-month break to have a liver transplant in 2009.
“Apple shares will obviously be getting hit, as shareholders rightfully command a premium for a CEO like Steve Jobs,” said Dave Lutz, head of ETF trading and strategy at Stifel Nicolaus & Co. in Baltimore. “Any selloff will be used as a buying opportunity, as Steve Jobs has high confidence in Tim Cook, and the two have worked closely defining Apple’s strategy and vision. Last time Jobs had to take time, that proved a huge buying opportunity for the stock.” Lutz said. “I bought then, and will be buying in weakness tomorrow.” "[/b]