A day after Steve Jobs announced he would take another medical leave, Apple's U.S. stock opened down 5 percent on Tuesday — but it's already inching up ahead of the company's quarterly earnings report due after the closing bell.
With the stock market closed Monday in observance of Martin Luther King's birthday, observers were anticipating the stock to open down, as the news of Jobs' exit drove Apple shares down in Europe on Monday — falling as much as 7 percent in Germany.
But with Apple expected to report strong first quarter earnings, the dip in Apple's opening price is likely to be short-lived.
Apple's stock was trading at $336.50 per share in mid-morning trading, down about 3.5 percent.
