Analysts think that the corporate culture the tech visionary built will remain in place
Apple stock held the line the day after former CEO and creative visionary Steve Jobs' death.
True, shares fluctuated throughout Thursday, as the news set in that the company's co-founder had finally lost his long battle with cancer.
Yet in dropping a statistically insignificant 0.23 percent to close the day at $377.37, the house that Jobs' built remained relatively unscathed.
Apple did fall a further 0.36 percent in immediate after-hours trading to $376.
In all, the fallout could have been much, much worse.
When Jobs resigned as Apple's CEO last summer, Apple shares dropped nearly 3 percent, slashing roughly $10 billion off the company's value.
Even the underwhelming debut of the iPhone4S on Tuesday caused more pain for the company, as shares of Apple briefly fell almost 5 percent immediately after the presentation at Apple headquarters. They more or less recovered by the end of trading — making Apple a teflon tech titan.
By the time the sad news of Jobs passing came less than two months later, analysts and investors had already begun to accept the fact that the man who helped transform the face of consumer electronics was no longer part of Apple's future.
The onslaught of testimonials and tributes was astounding throughout the day — as gadget lovers took to Facebook to share their sadness, laid flowers at Apple stores across the globe, and sorted through effusive remembrances and obituaries on tech websites and business pages — but the consensus seems to be that the iEmpire is in good hands under newly minted CEO Tim Cook.
"We believe Steve Jobs' presence will always be felt at Apple, and inspire employees to continue to innovate for many years to come," Brian White, an analyst at Ticonderoga Securities, wrote in a note. "Steve Jobs' acceptance of nothing but the highest quality work has been thoroughly ingrained in the Apple culture."
Rival tech companies paid tribute to Jobs Thursday: Google and Amazon listed his name and dates of birth and death on their homepage, each linking back to Apple's simple memorial. And Wired.com devoted its homepage to Jobs, listing a series of testimonials against a black backdrop.
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