Yesterday wasn’t a great day for Apple’s stock, although it’s safe to say that things could have been worse. At the close of trading for the day the stock was down $6.27 with over 42 million shares changing hands according to TUAW.
More upsetting for Apple, I would assume, is the downgraded status Oppenheimer Funds placed on the stock after the Macworld announcement. Oppenheimer analyst Yair Reiner has cut the ratiing of the stock from “outperform” to “perform” based almost solely on the fact that Steve Jobs will not be giving the Keynote address at the Macworld Expo this year.
Yair explained his reasoning in a note to clients stating: “we don’t know why Steve Jobs has pulled out of his annual address at Macworld [...] 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.”