Apple Stock Dives Amid Jobs Health Rumors

Shares take a hammering despite robust 3Q results

By Rob Quinn,  Newser Staff

Posted Jul 22, 2008 4:00 AM CDT

(Newser) – Apple reported one of its best third-quarter results ever yesterday, but its stock took a 17% nosedive amid rumors that CEO Steve Jobs is in poor health, reports the San Jose Mercury News. Jobs, who beat pancreatic cancer four years ago, appeared gaunt at a conference last month. Investors were also rattled by the company's conservative outlook for the fourth quarter.

An Apple spokesman reported very healthy Mac and iPhone sales but caused anxiety among investors by announcing that an upcoming "product transition" would hurt fourth-quarter profits. He sidestepped a question about Jobs' fitness. "Steve has no plans to leave Apple," he said. "Steve's health is a private matter."

Apple CEO Steve Jobs introduces the new Apple iPhone as he talks about sales around the world at the Apple Worldwide Developers Conference in San Francisco, Monday, June 9, 2008.
Apple CEO Steve Jobs introduces the new Apple iPhone as he talks about sales around the world at the Apple Worldwide Developers Conference in San Francisco, Monday, June 9, 2008.   (AP Photo/Paul Sakuma)
In this June 9, 2008 file photo, attendees applaud as Steve Jobs announces that the entry level Apple iPhone 3G will cost $199 during his  speech at the Apple Worldwide Developers Conference.
In this June 9, 2008 file photo, attendees applaud as Steve Jobs announces that the entry level Apple iPhone 3G will cost $199 during his speech at the Apple Worldwide Developers Conference.   (AP Photo/Eric Risberg, file)
Apple CEO Steve Jobs announces the release date for the new Apple iPhone 3G at the Apple Worldwide Developers Conference in San Francisco last month.
Apple CEO Steve Jobs announces the release date for the new Apple iPhone 3G at the Apple Worldwide Developers Conference in San Francisco last month.   (AP Photo/Paul Sakuma, file)
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