在
乔布斯（Steve Jobs）将辞去苹果公司（Apple）首席执行长的消息传出后，该公司股价在周三的盘后交易中下跌了约5%。相关报道
这是在人们预料之中的事：考虑到乔布斯对他所创建这家公司的重要性，5%其实不是一个大的跌幅。虽然笔者对股票价格是如何形成的了解不多，但在我看来，苹果股价这一相当小幅度的下跌完全是因为投资者的情绪性反应。
这并不是说依然留任苹果公司董事长的乔布斯辞去首席执行长之职这件事没有什么大不了的。
笔者的意思是：任何当初在买苹果公司股票时没有把乔布斯将会离职这一因素考虑进去的人，只能说他在股票投资方面的功课没做够。
现在，或许会有人质疑说苹果对投资者的信息披露可能不够充分。但事实就是，乔布斯自今年1月以来一直在休病假。正如《华尔街日报》记者Yukari Kane在她有关乔布斯辞职的报道中所提到的，乔布斯2004年就被诊断出患了胰腺癌，他还在两年前接受了肝脏移植手术。
苹果呈现出一种有魔力的样子，任何与苹果有关系的人都希望乔布斯能够身体健康。但这是一个严峻的形势，从这一点说，投资者早就应该充分认识到乔布斯健康状况的严峻性了。
诚然，苹果的股价已经是天文数字。但这并不仅仅归功于乔布斯。这要归因于苹果一直在生产的东西──它不断增加着自己在个人电脑市场的占有率，继续着自己在智能手机和MP3音乐播放器领域的良好表现，在平板电脑市场对所有竞争对手予以迎头痛击。如果乔布斯没有生病，你可以想象苹果的股价会比现在高得多。
当然，有人可能会谈到苹果以前在乔布斯离开那段时间的糟糕表现──在把乔布斯重新请回来当首席执行长前，苹果几乎已到了破产的边缘。但当年的情况是，苹果其实在乔布斯辞职前就已经有麻烦了。那时苹果公司遭遇着接二连三的打击。
要给苹果的股票合理定价，乔布斯个人的重要性或许是应该考虑的，但苹果公司似乎有非常美好的前景这一事实也应该考虑进去。
此外，乔布斯早就知道他身患重病。他一直在成功确保自己能够为苹果预先制定出一套经营战略。乔布斯仍将继续担任苹果的董事长，而苹果新任首席执行长库克（Tim Cook）负责公司的日常运营已经有一段时间了。
所以，鉴于乔布斯与苹果是如此密不可分，他宣布辞去首席执行长工作后苹果股价只下跌了5%似乎并不出人预料，跌幅也不算很大。乔布斯的辞职虽然令人悲伤，但这一因素此前似乎已充分体现在了苹果的股价中。
Jennifer Valentino-DeVries
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
Apple shares are down about 5% in after-hours trading following the news that Steve Jobs was stepping down as CEO.
This is to be expected: 5% is not actually a large drop, considering the importance of Jobs to the company he founded. Your Digits blogger doesn't go in much for stock pricing, but it seems to her that this rather small selloff is simply an emotional reaction.
That's not to say that the loss of Steve Jobs as CEO should be taken lightly, although he will remain as chairman.
What your Digits blogger means by that is this: Anyone who did not price Jobs's coming departure into their purchase of Apple shares has not been paying attention.
Now, maybe there will be questions about how much Apple should have disclosed to shareholders. But the fact of the matter is that Jobs has been on medical leave since January. He was diagnosed with pancreatic cancer in 2004 and underwent a liver transplant two years ago, as Yukari Kane mentions in her story about the resignation.
Apple presents an air of magic, and everyone involved with Apple wants Steve Jobs to be healthy. But this is a serious situation, and investors by this point should have accepted it as such.
Apple's share price is astronomical, it's true. But that isn't just because of Steve Jobs. It's because Apple has been producing -- increasing its share in the PC market, continuing it performance in smartphones and MP3 players, and just trouncing everyone when it comes to tablets. If Jobs weren't ill, one could imagine that the stock price would be a good deal higher.
Of course, some could point to Apple's previous stint apart from Steve Jobs -- when the company nearly failed before bringing him back as chief executive. In that case, however, Apple was having trouble even before Jobs's departure. It certainly was not coming off a string of hit after hit after hit.
A logical pricing of Apple's stock might take into account the importance of Jobs, but it should also account for the fact that Apple appears to have a pretty good thing going.
Plus, Jobs has known for a while that he is facing a serious illness. There hasn't been anything stopping him from making sure a long-term strategy is in place. He is going to remain as chairman, and the new CEO, Tim Cook, has been running day-to-day operations for some time.
So given the fact that Jobs is so identified with Apple, a 5% drop seems unsurprising and not terribly big. Jobs's departure, while sad, appears to have been mostly priced in.
This is to be expected: 5% is not actually a large drop, considering the importance of Jobs to the company he founded. Your Digits blogger doesn't go in much for stock pricing, but it seems to her that this rather small selloff is simply an emotional reaction.
That's not to say that the loss of Steve Jobs as CEO should be taken lightly, although he will remain as chairman.
What your Digits blogger means by that is this: Anyone who did not price Jobs's coming departure into their purchase of Apple shares has not been paying attention.
Now, maybe there will be questions about how much Apple should have disclosed to shareholders. But the fact of the matter is that Jobs has been on medical leave since January. He was diagnosed with pancreatic cancer in 2004 and underwent a liver transplant two years ago, as Yukari Kane mentions in her story about the resignation.
Apple presents an air of magic, and everyone involved with Apple wants Steve Jobs to be healthy. But this is a serious situation, and investors by this point should have accepted it as such.
Apple's share price is astronomical, it's true. But that isn't just because of Steve Jobs. It's because Apple has been producing -- increasing its share in the PC market, continuing it performance in smartphones and MP3 players, and just trouncing everyone when it comes to tablets. If Jobs weren't ill, one could imagine that the stock price would be a good deal higher.
Of course, some could point to Apple's previous stint apart from Steve Jobs -- when the company nearly failed before bringing him back as chief executive. In that case, however, Apple was having trouble even before Jobs's departure. It certainly was not coming off a string of hit after hit after hit.
A logical pricing of Apple's stock might take into account the importance of Jobs, but it should also account for the fact that Apple appears to have a pretty good thing going.
Plus, Jobs has known for a while that he is facing a serious illness. There hasn't been anything stopping him from making sure a long-term strategy is in place. He is going to remain as chairman, and the new CEO, Tim Cook, has been running day-to-day operations for some time.
So given the fact that Jobs is so identified with Apple, a 5% drop seems unsurprising and not terribly big. Jobs's departure, while sad, appears to have been mostly priced in.
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