Steve Jobs Resigns From Apple

[Pandemonium]

It sadly sounds like his health is taking a nosedive. Much as I sometimes lament some of the stuff Apple has done and issues with their products over the last decade, there's no denying that Steve Jobs almost single-handedly turned that company from a alternative home computer maker to the biggest and probably most successful company on the planet.

[creep]

all they have to do to remain successful is to add one small feature to their iphone and ipad every year. it's crazy how the geeks line up for this stuff. i haven't turned on my ipad for a few months and they only way i will get an iphone is if they come out with one with a physical keyboard.

[creep]

i wonder what their stock will do tomorrow. speaking of stocks...here is my stock tip...if you want to easily triple your money in a few years buy bank of america (BAC). i bought a bunch today at $6.50....closed at $6.99 guaranteed money maker.

[Hokahey]

i wonder what their stock will do tomorrow. speaking of stocks...here is my stock tip...if you want to easily triple your money in a few years buy bank of america (BAC). i bought a bunch today at $6.50....closed at $6.99 guaranteed money maker.

Hahaha. I just read this:

Breaking the Bank
Bank of America: Could it fail and start another financial crisis?

While nobody was looking, America's largest bank approached the brink, tested the wind, lifted a foot, and started teetering. Well, to be fair, some people were looking. Wall Street has been worried about Bank of America for the better part of a year. Its stock price has declined from about $15 a share in January to a low of $6.01 this week, shedding nearly 30 percent of its value in the past month alone. There are rumors that JPMorgan will take it over. There are suggestions that Treasury Secretary Timothy Geithner should bail it out. There is talk of another credit crunch. Bank of America might just be the beginning.

All speculation aside, Bank of America is not in great shape. To meet its capital requirements, the bank has been forced to sell off good assets along with bad. Over the past year, it has shed more than a dozen divisions, including its profitable overseas credit-card operations, its Balboa insurance unit, a stake in the money manager BlackRock, and a mutual fund company.

Moreover, after absorbing tens of billions of dollars in mortgage-related losses in the past three years, Bank of America faces tens of billions more. It has hundreds of thousands of delinquent mortgages and second loans on its books. The state attorneys general are working on a deal on the foreclosure fraud scandal that might cost it billions. Independent analysts estimate the bank faces $16.4 billion to $36.1 billion in further housing-related losses, both from delinquencies and litigation. No other bank is more exposed to the continuing woes of the housing market.

The bank itself admits the picture is not bright. "Obviously, the solid performance in our underlying businesses continues to be clouded by the costs we are absorbing from our legacy mortgage issues," Chief Executive Brian Moynihan wrote in a frank note reporting second-quarter losses last month. "We intend to continue our efforts to put the mortgage uncertainty behind us, build capital through the strength of the franchise, and deliver the returns for shareholders that we owe them."

...

But the real economy never bounced back. Families never got back to buying big new houses. Consumers never got back to spending their money. Businesses never got back to hiring new workers. Companies never got back to investing in themselves. And when government spending started to taper, too—well, for a business in the business of lending money, there just wasn't enough to do. Banks cannot really make money in a world with 9.1 percent unemployment, Europe in crisis, the housing market in the tank, and sluggish growth. Banks are mostly still in the black, but earnings are rapidly declining.

It is not just Bank of America that Wall Street is getting bearish on. Wall Street is getting bearish on itself. Analysts have slashed profit estimates for retail and investment banks. And share prices have stumbled for many of them as well. Indeed, indices of banking stocks have fallen twice as much as the broader stock market. So worry about Bank of America—which, if it is not facing an immediate crisis, is still looking at a very difficult path to profitability. But worry more about the real economy and the banks that rely on it.

http://www.slate.com/id/2302343/?from=rss

[chaos]

It sadly sounds like his health is taking a nosedive.

Yeah, I figured things had gotten pretty bad.

Steve Jobs (right) poses with Apple co-founder and Steve Wozniak in the 1970s. The duo started Apple Computer in 1976.

http://www.boston.com/business/technolo ... ejobs?pg=2

[chaos]

It was announced last week that BOA plans big layoffs:

The nation's largest bank will lay off 3,500 employees this quarter, in addition to the 2,500 jobs it's already cut this year. Reports say the bank could eliminate up to 10,000 jobs, though a bank spokesman would not comment on that figure. BofA's stock is down over 50 percent since January.

http://www.npr.org/2011/08/19/139777074/business-news

[creep]

i just don't see it as that much of a risk. they have shed a lot of bad debt and should be profitable next quarter.

[Hokahey]

i just don't see it as that much of a risk. they have shed a lot of bad debt and should be profitable next quarter.

Did you read what I posted?

[creep]

i just don't see it as that much of a risk. they have shed a lot of bad debt and should be profitable next quarter.

Did you read what I posted?

sure..it's someone's opinion. there are plenty of others out there that say different. no way they will fail or be allowed to fail.

[Pandemonium]

i just don't see it as that much of a risk. they have shed a lot of bad debt and should be profitable next quarter.

I think BoA is a great stock to invest in right now if you're looking to ride out the next 5 - 10 years with it. I don't think the government would let it fail, it would be catastrophic for this country if it did and I'm no fan of the previous bailouts. But if you think you're going to double your return in 12 - 24 months, good luck with that.

[creep]

i just don't see it as that much of a risk. they have shed a lot of bad debt and should be profitable next quarter.

I think BoA is a great stock to invest in right now if you're looking to ride out the next 5 - 10 years with it. I don't think the government would let it fail, it would be catastrophic for this country if it did and I'm no fan of the previous bailouts. But if you think you're going to double your return in 12 - 24 months, good luck with that.

well i bookmarked this thread so i can bring it back up and have all of you praise me for my financial genius. it's pretty hard for me to understand why someone would think they are close to failure when pretty much everyone says they will show a profit next quarter. we will see.

[Jasper]

It sucks. I have a serious vested interest.

We all knew this was coming. Funny that it should come within weeks of Apple getting all of these headlines for having more money than the U.S. federal government and so on.

The upside is that things won't change much right now - it's more the titles that are changing. Jobs has not resigned from Apple, only as CEO.

This has probably all been covered, but I'm posting without reading the thread.

[Juana]

Yeah his health has been rocky for a while now and basically they're huge now so basically they can have anyone as the figure head like it was stated above Jobs will still have something to do with the operations, so its not really that huge of news.

[SR]

Didn't his guy have a jet on the tarmac.....pilot waiting at a moments notice to fly him anywhere in the country for an organ transplant even if it meant jumping ahead in line?

I think it worked.

[Juana]

I'm just saying it was well known he was having health stuff going on.

[JOEinPHX]

Didn't his guy have a jet on the tarmac.....pilot waiting at a moments notice to fly him anywhere in the country for an organ transplant even if it meant jumping ahead in line?

I think it worked.

i think it DIDN'T work.

He's not leaving because he's suddenly going to be doing better. He's probably leaving because he's got less than a year to live.

[Juana]

Yeah the transplant might have not taken or the cancer from early in the 2000s might have come back

[SR]

Didn't his guy have a jet on the tarmac.....pilot waiting at a moments notice to fly him anywhere in the country for an organ transplant even if it meant jumping ahead in line?

I think it worked.

i think it DIDN'T work.

He's not leaving because he's suddenly going to be doing better. He's probably leaving because he's got less than a year to live.

He took a leave a few years back....maybe as many as 5. He looked to be on deaths door then. It worked to the extent that he could see his company become the most valued company in the world, and he got to fuck for a while longer too.

[JOEinPHX]

yeah but he was on medical leave right now

So why suddenly leave permanently if the "leave of absence" was perfectly acceptable to the board and the company previously?

If he was getting better i think he would stay on medical leave and then make a glorious return. i don't think that is the case. He's probably terminal.

i think he is joining the board and leaving his post as CEO officially for a few reasons:

1. Tim Cook will get to introduce iPhone 5/iOS 5, officially as the CEO. It will mark the beginning of his reign
2. Steve Jobs will get to spend time with his family in his final days
3. Steve Jobs will be an apple board member/employee when he dies. Just as it should be.

[Larry B.]

yeah but he was on medical leave right now

So why suddenly leave permanently if the "leave of absence" was perfectly acceptable to the board and the company previously?

If he was getting better i think he would stay on medical leave and then make a glorious return. i don't think that is the case. He's probably terminal.

i think he is joining the board and leaving his post as CEO officially for a few reasons:

1. Tim Cook will get to introduce iPhone 5/iOS 5, officially as the CEO. It will mark the beginning of his reign
2. Steve Jobs will get to spend time with his family in his final days
3. Steve Jobs will be an apple board member/employee when he dies. Just as it should be.

exactly what I thought.

[Bandit72]

Anyone here got an iPad?

I'm going to upgrade my iPhone 3GS to a 5 this year but wondering whether or not I should wait for the iPad 3. I've heard rumours it will be this year too, but I will wait till start of next year. I'm looking to use the pad at home instead of a laptop to browse/email etc as it seems much more sensible. Be a bit of a shame to get an iPad 2 only to have it superceeded a few months down the line.

Are they that good?

[lollapaloser]

Creep's got some good company in in vesting in B of A, Warren Buffett:

http://www.reuters.com/article/2011/08/ ... J420110825

[creep]

for traveling they are great for watching movies on planes and checking email and some internet stuff. i had planned to use mine instead of my laptop but i just couldn't make the switch. it's too limited. as far as playing the waiting game...isn't that always the case with apple stuff. if anything buy an ipad 1 and see if you like it. i bought my ipad 1 right after the ipad 2 came out and paid half price for a referb. i'm glad i didn't get the ipad 2.

[creep]

Creep's got some good company in in vesting in B of A, Warren Buffett:

http://www.reuters.com/article/2011/08/ ... J420110825

warren gave me a call yesterday and i told him he should invest

i should see a nice gain today. it's already at $8.25

[Bandit72]

for traveling they are great for watching movies on planes and checking email and some internet stuff. i had planned to use mine instead of my laptop but i just couldn't make the switch. it's too limited. as far as playing the waiting game...isn't that always the case with apple stuff. if anything buy an ipad 1 and see if you like it. i bought my ipad 1 right after the ipad 2 came out and paid half price for a referb. i'm glad i didn't get the ipad 2.

Limited as in what? I have a pretty powerful PC at work I use for artwork and other stuff and I'm not too arsed about the screen size of an iPad compared to a laptop. I figured for internet usage it'd do me fine. What does put me off is the lack of USB ports to import photos. But I guess that's why dropbox is so good. I don't even use my laptop now at home I just use the iPhone