Steve Jobs Death and iPhone 5 Release Disappointment to Hit Apple Stocks

By Fionna Agomuoh, Christian Post Contributor Wednesday, October 05, 2011

Apple co-founder and former CEO Steve Jobs has died on Oct. 5 after a long battle with pancreatic cancer, and commentators are immediately saying Apple’s stocks will take a hit.

The company has released a statement confirming his death.

"We are deeply saddened to announce that Steve Jobs passed away today," Apple said.

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"Steve's brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives. The world is immeasurably better because of Steve."

"His greatest love was for his wife, Laurene, and his family. Our hearts go out to them and to all who were touched by his extraordinary gifts."

Just one day ago, Apple hosted its "Let's Talk iPhone" media event, during which its latest smartphone, the iPhone 4S was unveiled.

It was Apple's first press conference without Jobs as CEO.

Jobs resigned from his position on August 24, however remained a member of Apple's board of directors.

Apple's new CEO Tim Cook assisted in unveiling the iPhone 4S.

Cook has served as acting CEO a number of times during Jobs' illness, including leaves of absence in 2004, 2009 and early 2011.

"I love Apple. And I consider it the privilege of a lifetime to have worked here almost 14 years to work in this new role," Cook said during the conference.

Commentators noted Jobs' absence at the event, and speculated whether his presence would have aided in what turned out to be a rather anticlimactic presentation of the iPhone 4S.

Many are disappointed that the iPhone 5 was not unveiled, as the 4S is being considered just an upgrade of the iPhone 4.

Apple Inc. suffered a 0.6 percent drop in its stocks after the iPhone 4S was unveiled.

It similarly saw a 5 percent drop in its stocks just hours after Jobs announced his resignation in August.

Commentators speculate that Jobs' death could spark another drop in stocks, which could be another blow as the company mourns its founder and tries to salvage the reputation of its new product.