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Jobs' Resignation Jolts Apple Shares

Updated from Aug. 24 with premarket quotes for Thursday

CUPERTINO, Calif. ( TheStreet) -- Apple (AAPL - Get Report) shares tumbled in premarket trading on Thursday after iconic CEO Steve Jobs handed in his resignation.

Investors responded negatively to the departure of Apple's innovator-in-chief. Within a couple of hours of the announcement Wednesday, the company's stock was down $19.08, or 5.07%, to $375.10.

In premarket trading Thursday, the stock was slumping further, down almost 5% to $358.
Apple's stock tumbled on news of Steve Jobs' departure.

Part CEO, part cultural icon, Jobs is widely credited with saving the company during the 1990s and has played a pivotal role in the development of category-leading products like the iPod, iPhone and iPad.

Jobs' exit from the Apple hotseat, however, is not completely out of the blue. The Apple chief announced his third medical leave of absence from the company in January, handing day-to-day running to COO Tim Cook.

Cook, Apple's obvious heir apparent, has proved an extremely able stand-in CEO, successfully running the company during his mentor's absences.

Apple recently reported blowout third-quarter numbers, buoyed by stellar iPhone and iPad sales. The tech bellwether, which briefly surpassed Exxon Mobil (AAPL - Get Report) to become the world's most valuable company earlier this month, is also expected to launched a new iPhone during the coming weeks.

TheStreet's Jim Cramer, speaking on CNBC said that investors should not lose faith in Apple, even without Steve Jobs at the helm. "The fear is misplaced because of how strong that bench is," he said. "I think [Apple] is a terrific company."

-- Written by James Rogers in New York.

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