Steve Jobs won't give his keynote address at the Macworld conference and Oppenheimer's Yair Reiner
draws a line in the sand:
We don't know why Steve Jobs has pulled out of his annual address at Macworld on January 6. Maybe he's not feeling well, or maybe he just has nothing new to say. Whatever the reason, the unexpected announcement has underscored the greatest risk to Apple's long-term success-its dependence on Jobs' health and its apparent lack of a succession plan.
Six months have passed since Jobs appeared at the Apple Developer Conference, looking drawn and unwell. It's past time for Apple to either disclose the state of his health or elaborate a viable plan for eventually transferring power. Until such time, we can no longer continue to recommend Apple as a long-term investment. Downgrading to Perform; and removing our $145 PT.
Apple's shares are below $89 today, off about 6.8 percent. Barron's Eric Savitz has more analyst reactions here. Boomtown's Kara Swisher decodes the press release here.
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of 12:42PM December 17, 2008