The stock opened sharply lower, but then climbed steadily back
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%).
The stock was up more than 1.8% in pre-market trading
If you were thinking of selling Apple (AAPL) short, this might not be a good week to do it, what with analysts raising their share price targets and a big product launch set for Thursday.
After hitting $275 in intraday trading Friday and closing at $274.07 -- its second record high in as many days -- the stock was on the rise MOREPhilip Elmer-DeWitt - Jun 21, 2010 7:22 AM ET
Plus videos from the launch in Frankfurt, Milan, Tokyo, Paris, Sydney, London and Zurich
Apple's (AAPL) international fan base greeted the iPad in nine countries Friday morning with the usual hoopla -- albeit in different accents and with various degrees of self control. The Germans, for some reason, seem to have the most fun at these events.
Munich:Philip Elmer-DeWitt - May 28, 2010 6:21 AM ET
This one for Apple's (AAPL) first retail store in Frankfurt, Germany
Thanks to reader Ron in Palo Alto, Calif., for the link and tommyde in Frankfurt for the camera work.
[Follow Philip Elmer-DeWitt on Twitter @philiped]Philip Elmer-DeWitt - Jan 23, 2010 1:51 PM ET
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