Steve Jobs to Take Medical Leave of Absence

Apple's board has granted Steve Jobs a medical leave of absence, the company announced today. Jobs promised that he would "continue as CEO and be involved in major strategic decisions for the company," but Chief Operating Officer Tim Cook will take over the company's day-to-day operations. Cook has filled in for Jobs before, with decent results, but investors weren't reassured; within minutes of the announcement, Apple stock had fallen 4.5% in trading in Frankfurt, according to Reuters.