More Videos
- New ‘Call of Duty’ rakes in $310 million in 1 day
- Intel settles AMD claims but isn't off the hook
- 'Call of Duty' sells $310M in N Amer, UK in 24 hrs
- HP's 3Com takeover marks a shot at Cisco
- Applied Materials to cut 1,300 to 1,500 jobs
- Drug industry presses FDA to allow more online ads
- Watch concerts free online at BillboardLive.com
- Yahoo CEO pledges to boost profit margins
MOST SHARED
- Today's Market Action
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Week Ahead: Investors Go for Quality, Assess Recovery
- Israel: Leader of Business Innovation
- Herbalife Vs. Hedge Funds
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Seeking Innovation in Health Care
- Inside Wal-Mart's Acai Berry Juice Maker
- China's Role as Lender Alters Dynamics for United States
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
- White House Plans to Freeze Spending to Cut Deficit
- Week Ahead: Investors Go for Quality, Assess Recovery
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Cities With the Most Home Price Reductions
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- This Year's Biggest Thanksgiving Leftover: Cash
Text Size 
Apple Chief Executive Steve Jobs revealed Monday that a hormone imbalance is at the root of weight loss that has prompted speculation about his health.
In a letter, Jobs said he has lost weight throughout last year due to a hormone imbalance that has robbed him of proteins his body needs. He said that doctors have uncovered the reasons behind this condition and treatment is "simple and straightforward."
 |
AP Steve Jobs |
Jobs, who is under treatment and expects to regain body mass by late spring, said he plans to remain as CEO of Apple.
The board of the iPhone maker issued a statement on Monday, expressing their support for Jobs.
"Apple is very lucky to have Steve as its leader and CEO, and he deserves our complete and unwavering support during his recuperation," the board said, in its statement. "He most certainly has that from Apple and its Board."
The comments, which may put to rest concerns about Jobs' health, led to an increase in the price of Apple [AAPL
Loading...
()
] shares. The stock was recently up more than 3 percent to $93.81.
Although there were repeated rumors about Jobs' health throughout most of last year, the speculation intensified in recent weeks after Jobs said he would not be making his annual keynote address at the Macworld conference in San Francisco, which begins Tuesday.
Apple said this year's conference will be its last, and Phil Schiller, a marketing executive, will be giving the company's presentation.
Jobs, 52 years old, is a survivor of pancreatic cancer.
Analysts said they expect the news to relieve a lot of concerns about the company's stock, which has been lagging the broader market.
"It's very positive that he came out and said this," Vijay Rakesh, an analyst at ThinkEquity told Reuters. "I think it does put to rest all the speculation on his health and I think people will now start to focus on the business."
(Watch the accompanying video for more...)
According to Rakesh, there had been some concern that there would be a "more sinister" post-MacWorld announcement, and this puts that to rest.
Adam Hartner, an analyst at Financial Enhancement Group, said he expects some of the Steve Jobs premium can come back into the stock price.
"We added Apple a couple of months ago when it was in the mid-80s and at that point of time we felt the Steve Jobs' premium was already backed out of the stock price," Hartner said. "So anything that says he's not in bad health is good news and this appears to say he's much better news than the market had anticipated so this upside can be significant."
-Reuters contributed to this report.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes