Colin Gillis Comments: Apple Shares Slide on Talk No.2 Executive May Leave - Toronto Star
Shares of Apple Inc dropped more than 2 per cent in early trading Tuesday, as rumors swirled that the company's No. 2 executive was departing.
It was not immediately clear what caused Apple's shares to fall, but unconfirmed speculation on the Internet said Tim Cook would leave Apple to join Hewlett-Packard Co., which is searching for a new CEO to replace Mark Hurd.
Representatives from Apple and Hewlett-Packard declined to comment, and analysts quickly dismissed the rumor.
Cook, Apple's highly regarded chief operating officer, is widely seen as the heir apparent to Steve Jobs at Apple.
BGC Partners analyst Colin Gillis doubted Cook was headed to Apple "We don't expect that to happen. Whatever Tim would want to achieve at HP he could achieve at Apple. Steve jobs will not be CEO forever. He's on a short list."
Apple shares finished the day down about 1.5 per cent, or $4.30 (U.S.), at $286.86 while HP stock fell 84 cents to $42.10.
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