Yesterday was a sad day for Global Macro Monitor with the announcement that Steve Jobs is stepping down as CEO of Apple. We are one of his biggest fans. The guy has created nothing less than a technological nation-state (see below). A true superpower in today’s world of sovereign downgrades.
The question for the stock is does his retirement remove the the uncertainty premium that has repressed its price or does it add more uncertainty surrounding the company’s innovative capacity? We don’t know and will let the market decide. Today’s action it appears they are voting for former. Can they close it in the green today?