Steve Jobs Takes Medical Leave

Apple shares dropped eight percent Wednesday after CEO Steve Jobs announced that he will take a leave of absence due to health-related issues.

Apple shares dropped eight percent Wednesday after CEO Steve Jobs announced that he will take a leave of absence due to health-related issues that have become "more complex" than he originally thought. Jobs, who only last week said his drastic weight loss was due to a treatable hormone imbalance, will not resume his job until the end of June. The move was necessary, Jobs said, to take himself "out of the limelight … and to allow everyone at Apple to focus on delivering extraordinary products." Tim Cook, the company’s chief operating officer, will take over Apple’s day-to-day operations. Speculation over Jobs’ health has been rampant since the CEO pulled out of Apple’s annual Macworld product showcase last week, sparking rumors that his pancreatic cancer had returned.