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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Apple share price drops on Jobs health fears AFP - Wednesday, January 19 Send IM Story Print NEW YORK (AFP) - – Apple shares fell Tuesday as renewed health concerns for chief executive Steve Jobs, the Silicon Valley legend behind the Macintosh computer, iPod, iPhone and iPad, raised questions about the company's future. Apple shares opened about six percent lower in New York on Tuesday, a day after Jobs announced he was taking another medical leave of absence, but they recovered during the day's trading to close down 2.25 percent at $340.65. Apple, whose share price rose 60 percent last year, had closed at a record high of $348.48 in New York on Friday. Wall Street was closed for a holiday on Monday. After the stock market closed on Tuesday, the California-based gadget-maker announced another blockbuster quarter, reporting that net profit soared to a record $6 billion on revenue of $26.74 billion. In announcing Monday he was going on medical leave, his third since 2004, the 55-year-old Jobs did not say how long he expected to be away or provide any details about his latest health issues. Jobs underwent an operation for pancreatic cancer in 2004 and received a liver transplant in early 2009. He has appeared gaunt but relatively healthy at recent Apple public events. Jobs said he would continue as Apple's chief executive during his medical leave "and be involved in major strategic decisions for the company." Chief operating officer Tim Cook was tasked with overseeing Apple's day-to-day operations during his absence. Cook, 50, also took over when Jobs went on nearly six months of medical leave in 2009. Questions about Jobs's health have resurfaced periodically since the cancer diagnosis in 2004, and have been the subject of much debate among corporate governance experts over the company's obligations to its shareholders. Jobs's latest health fears have raised concerns about the future of the global technology powerhouse without him but analysts said Apple has a competent team of managers to guide the company while he is away. Gene Munster, senior research analyst at Piper Jaffray & Co, said the fact Jobs decided to remain chief executive "leads us to believe Jobs expects the leave to be shorter and/or less serious than his previous leave," which lasted from January to June 2009. Wedbush Securities analyst Scott Sutherland said the drop in Apple's stock price was expected but the company has a solid team of managers. "While we expect a negative reaction to Steve Jobs' announced medical leave of absence, we believe Apple has the management team in place to execute and deliver on new products already in the pipeline," Sutherland said. "We believe Apple has a solid bench, led by COO Tim Cook, which should be able to continue to execute on Apple's strategic direction and product pipeline." Chris Whitmore of Deutsche Bank Securities agreed that Cook "is a proven operator and very capable of managing Apple's day to day operations." "Jobs will still be engaged and make significant strategic decisions," he said. "While Jobs will be missed, we believe Apple has an extremely deep management team that will press the existing strategy forward." Analyst Rob Enderle of Silicon Valley's Enderle Group said Jobs's absence will be felt on strategic questions such as "what will Apple do next?" "The challenge is what comes after the iPad," Enderle said. "Apple without Steve Jobs didn't have the magic," he said of the previous occasions when Jobs stepped aside for health reasons. "It was lacking this little something." Apple's fortunes have been uniquely linked to Jobs, who returned to the then flagging company in 1997 after a 12-year absence and introduced innovative and wildly successful products like the iPod, iPhone and iPad. 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