Originally published Monday, January 19, 2009 at 12:00 AM

Apple rises, falls on health of CEO Steve Jobs

Shares opened sharply lower Thursday, and closed down 2.3 percent. On Friday, the stock declined 1.3 percent, finishing the week at $82.33.

For months, Apple's shares have gyrated on rumors and bogus reports that Steve Jobs was in ill health. Recently, Apple said Jobs suffered from a treatable hormone imbalance. But optimism didn't last. Jobs began a leave of absence Wednesday saying his health issues were "more complex" than thought. Shares opened sharply lower Thursday, and closed down 2.3 percent. On Friday, the stock declined 1.3 percent, finishing the week at $82.33.

"Basically, your health is a private matter until it affects the routine operation of the company," says Charles Elson, corporate-governance expert at the University of Delaware. "The bigger question is, that no company should rise or fall on one person."

Apple's board should reassure investors that someone can take over, Elson says. "The board should be driving the process, and this should have been put to bed much sooner."

— The Associated Press

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