Apple Shares Slide after Steve Jobs Takes Medical Leave

Apple Inc (NASDAQ: AAPL) shares took a major hit on Thursday sliding nearly 5 percent after CEO Steve Jobs announced he would be taking a five-month medical leave of absence to deal with health issues related to a hormone imbalance.

Jobs made the announcement following the market closing on Wednesday and the reaction on Thursday was obvious as shares fell 4.8% before climbing back to a loss of 2.8% by mid-afternoon. Extended trading on Wednesday marked a slide of 7.1%.

The success of Apple shares has been closely tied to the status of Jobs for some time now. Because of his involvement in nearly every aspect of Apple products from the iPhone to the iPod his health is a major concern for investors.

Jobs stepped away from the company for more than a dozen years before returning in 1997 and in 2000 he once again resumed the role of full-time CEO. Over the past eight years Apple has created some of the most popular consumer electronics products on the market.

Jobs announced his decision to employees in an email on Wednesday noting, “Unfortunately the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well. In order to take myself out of the limelight and focus on my health... I have decided to take a medical leave of absence until the end of June.”

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