Apple Stock Drops Slightly After Death of Steve Jobs

7:10 AM PST 10/06/2011 by Georg Szalai
Bloomberg/Getty Images

UPDATED: The tech company's shares finished the day down only minimally as an analyst highlighted that Apple has a deep management bench.

NEW YORK - Shares of Apple closed slightly lower on Thursday after the death of company co-founder Steve Jobs.

As of 9:45 a.m. ET, the stock was down 0.3 percent at $377.29. Later, it swung into positive territory before closing down 0.2 percent at $377.37. That gave Apple a market capitalization of $349.9 billion.

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Analysts told The Hollywood Reporter after Apple's late August announcement that Tim Cook had taken the CEO reins from Jobs that the change was unlikely to derail the tech giant.

Hudson Square Research analyst Daniel Ernst said Thursday that a big Apple stock drop would be a buying opportunity. "When he went a on leave earlier this year, reaction was muted," he said about Jobs. "When he stepped down last month, there was no reaction. Jobs did what every good leader should do - build a great team around him. Apple has a deep bench as a result."

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Email: Georg.Szalai@thr.com
Twitter: @georgszalai

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