Apple's stock fluctuated less today than it does on a normal day. Unquestionably, all eyes on Wall St. and around the world were on AAPL today.
I got the news about Jobs' death from an e-mail from a friend:
"Buy the stock you say? If I had money I would be mad at you because the stock is going to drop."
After it didn't drop he wrote, "How did the stock not drop? Are they sentimentally buying Apple stock?"
The answer is the one I gave a few days ago: By virtually any measure Apple is a cheap stock right now. There was simply not much room for it to go down. (Which sounds odd for a company whose share price is $380.)
Also, remember the saying, "I don't care what the newspapers say about me as long as they spell my name right?" Apple has received hundreds of millions - probably billions - of free advertising today. Someone who's never thought about Macs, iPhones, iPods, iPads is likely feeling a craving to know what everyone is talking about.
I swear, I wish I had money to buy this stock.
*****
A student contacted me to ask, "What will be the first sign in the change of leadership at Apple?" I replied that we saw the answer on Tuesday at the launch of the iPhone 4S. Steve "I want my products to be the best" Jobs was probably not a big fan of selling two year old technology in the iPhone 3GS. New CEO Tim Cook is a supply chain guy who saw how cheap they could be made and couldn't pass up the opportunity to reach consumers who can't or won't pay for a iPhone 4S.
The good thing is that more people will experience Apple products under Tim Cook. The bad thing is what we'll never know: What incredible product could Steve Jobs have thought of in the future.
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