Five Dumbest Things on Wall Street: Dec. 19

An Apple Controversy A Day

Will Apple(AAPL Quote) CEO Steve Jobs show up at Macworld, or won't he?

Honestly, we wish the guy well, but we don't care.

The computer giant shocked Apple fans to their cores Tuesday when it announced that Jobs won't be delivering the highly anticipated keynote speech at the annual Macworld computer trade show in January, once again raising issues about the health of the iconic leader.

Apple said Philip Schiller, a marketing executive, will stand in for Jobs. Apple shares fell 5.8% to $89.90 in after-hours trading on the news, after gaining 68 cents to end the regular session at $95.43.

The company also said 2009 will be its last year exhibiting at the Macworld Expo, a multi-day get-together devoted to Macs, iPods, iPhones and other Apple accessories. Apple says it's all part of an ongoing effort to reduce its participation in showcase events, which will become a "very minor part of how Apple reaches its customers."

Setting that piece of blarney aside - come on, Apple loves trade shows more than hippies love Woodstock - the chief concern driving the stock down is obviously the question over Jobs' well-being. The subject has been lingering since 2004 when Jobs was treated for pancreatic cancer. In June, when Jobs took the stage to introduce the cheaper, faster iPhone, his dramatically thinner appearance led to speculation about his future at the company.

Jobs says his health is a private matter, which would be fine with us if the issue didn't keep spilling over to the public markets. And for that we blame Apple's vaunted PR machine.

Apple spinmeisters should stop raising the anxieties of the company's devoted followers -- and loyal investors -- through subtle hints and signs. Either come clean or quit the charade.

Dumb-o-meter score: 75 -- Hey Apple, download this: Enough is enough.