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Stock futures extend fall on Jobs announcement

Apple Chief Executive Officer Steve Jobs holds the new '' iPad'' during the launch of Apple's new tablet computing device in San Francisco, California, January 27, 2010. REUTERS/Kimberly White

Apple Chief Executive Officer Steve Jobs holds the new '' iPad'' during the launch of Apple's new tablet computing device in San Francisco, California, January 27, 2010.

Credit: Reuters/Kimberly White

LONDON | Mon Jan 17, 2011 10:34am EST

LONDON (Reuters) - Stock index futures extended their fall on Monday, pulled lower by Apple Inc (AAPL.O) after the company's CEO Steve Jobs said the company's board had granted him leave to concentrate on his health.

Apple's shares traded in Frankfurt (AAPL.F) fell 7.5 percent by 1438 GMT, while futures for the S&P 500 and tech-heavy Nasdaq dropped 0.3 and 0.9 percent, respectively.

The U.S. markets are closed for a holiday on Monday and will resume trading on Tuesday.

During Jobs' leave of absence, Chief Operating Officer Tim Cook will be responsible for day to day operations. Jobs will continue as CEO and will be involved in major strategic decisions for the company.

He did not say for how long he would be on leave.

"Honestly, the effect on the company will probably not be that great in terms of fundamentals," said Richard Windsor, global technology specialist at Nomura.

"Perception of the company is another matter. Steve Jobs is seen by the market to be a major force in Apple's strategic direction. If his pancreatic cancer has returned, one could be quite worried."

Jobs underwent a liver transplant while on leave, returning to the company in late June.

(Reporting by Dominic Lau and Georgina Prodhan; Editing by David Holmes)

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Comments (3)
getsurin wrote:
You have done so much for Apple. Hope all turns up well.

Jan 17, 2011 10:49am EST  --  Report as abuse
CuriousOne wrote:
May Buddha bless you.

You have blessed all your fellow Buddhist and the entire world.

Jan 17, 2011 12:39pm EST  --  Report as abuse
jcmoore2010 wrote:
I hope Apple currently holds a 10 year plan in place for product upgrades and the like. This would be essential to assuage the company from faltering in the unlikely event jobs is not able to return.

Jan 17, 2011 1:07pm EST  --  Report as abuse
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