August 25, 2011 / 10:49 AM / 7 years ago

Apple shares fall after CEO Steve Jobs quits

(Reuters) - Shares of Apple Inc (AAPL.O) fell more than 4 percent in pre-market trading on Thursday, a day after its iconic CEO Steve Jobs resigned, leaving right-hand man Tim Cook to take on the mantle.

The resignation sparked worries that his health has deteriorated further. Jobs has survived a rare form of pancreatic cancer.

“While the news could weigh on shares in the near term, we think the company’s model is built to last, sustaining a digital way of life that other industry participants have yet to rival,” J.P. Morgan said in a research note to clients.

The brokerage said the news would create an attractive entry point for investors looking to build bigger positions in Apple and reiterated its “overweight” rating on the company.

The Cupertino, California-based company’s shares fell to $360 in trading before the bell. They closed at $376.18 on Wednesday on Nasdaq.

Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty

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