Cook takes the reins as Job resigns

Steve Jobs announced his resignation as CEO after market, likely due to health. Tim Cook will take over as CEO while Jobs has been elected Chairman of the Board. 

There are some who believe that despite the near-term pressure on the stock this will be a buying opportunity. While Jobs has been the key to Apple, he has built a capable bench of “Imagineers” and the transition comes at a time when valuation, product trends, gross margin upside, and likely positive Street EPS revisions, all provide upside potential for the stock.  Only time will tell whether Job is replaceable.