Apple 2.0

Covering the business that Steve Jobs built

Apple recovered from early losses in Europe

August 25, 2011: 7:57 AM ET

The stock opened sharply lower, but then climbed steadily back

Source: XETRA

Traders on the Frankfurt exchange reacted swiftly Thursday to the news that Apple (AAPL) CEO Steve Jobs had submitted his resignation the day before, effectively immediately.

The stock opened 17.6 euros (6.78%) lower -- a even stronger reaction than was registered in after-hours trading on NASDAQ.

But cooler heads prevailed. By 7:45 a.m. EDT -- an hour and 45 minutes before markets were set to open in New York -- Apple shares had leveled off at €245, down only €5.28 (2.04%).

Perhaps the news had been priced into the stock after all.

UPDATE: Apple shares climbed to within 1.3 euros (0.05%) of Wednesday's closing price in Frankfurt before dropping again, apparently in sympathy with New York, where Apple opened Thursday at $365.01, down $11.17 (4.3%).

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About This Author
Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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