Analyst: Steve Jobs' CEO Departure Will Have 'No Impact' on Apple
Hudson Square Research analyst Daniel Ernst also says that he would buy Apple's stock on any declines.
NEW YORK - Steve Jobs' resignation as Apple CEO will have no immediate impact on the tech giant, Hudson Square Research analyst Daniel Ernst said in a first reaction.
"It is certainly sad news, but its been in the cards for some time," he told The Hollywood Reporter. "Jobs did what a good CEO should do - build a great team around him, and I strongly believe the company is so firmly on the path of innovation and growth that Jobs' departure will have no impact on the business."
Asked about an after-market decline in Apple's stock, Ernst said: "The Apple story is not about a given day or even a whole quarter. Apple is a long-term story of product innovation, share gains and operating execution. If the stock is down, it's an opportunity to buy."