Apple CEO's Private Matter a Public Issue

SAN FRANCISCO -- More than a month after Apple(AAPL - Cramer's Take - Stockpickr) CEO Steve Jobs appeared at the company's annual developer conference looking rather gaunt, speculation around his health refuses to wane.

Apple has remained tight-lipped, but analysts and portfolio managers say the chatter has become a major overhang on the company's shares.

And while some on Wall Street have maintained that Apple could have been more forthcoming and offered timely updates regarding Jobs' health, other analysts say Apple may have made the right choice in steadfastly refusing comment.

"They are being cautious, because once they start giving updates, it will become a monthly question -- and something Apple will have to deal with all the time," says Darren Chervitz, director of research at Jacob Internet Fund. The fund holds shares of Apple in its portfolio.

A virtual "Steve Jobs Health Watch" could end up distracting investors even more from the company's performance and its products, while contributing to an outsized focus on the importance of Jobs' role in the company's future -- something that Apple would like to keep in check, say some company watchers.

Apple shares fell nearly 10% on Tuesday after the company reported its third-quarter results Monday. The decline was attributed to a weak guidance as well as concerns around Jobs' health.

The company's stock was up $2.60, or 1.6%, to $164.52 Wednesday, but are trading about 18% below their 52-week high.

Apple, some would say, has brought some of this attention to Jobs upon itself: When concerns about the CEO's health were raised last month, Apple finally issued a statement saying Jobs' was battling a "common bug."