Post date: Aug 25, 2011 12:30:7 PM
Apple's Asian rivals gain on news of Steve Jobs' departure, though analysts see no immediate change to Apple's market leadership.
ASIA-COMPANYASIA - Shares of Apple's Asian rivals outperformed Thursday, after Steve Jobs announced he was stepping down as Apple's CEO.
Samsung Electronics rallied to a 1-week high, helped in part by broader markets gains, but also on hopes Jobs' departure will allow Samsung to catch up with Apple in the smartphone and tablet markets.Stanford C Bernstein's Mark Newman says Samsung is already catching up in smartphone sales, and Apple's loss will boost confidence at the South Korean firm.
STANFORD C BERNSTEIN'S SENIOR ANALYST, MARK NEWMAN, SAYING:
"The game is Samsung's to lose. And they are picking up market share because of the change in the dynamics of the smartphone industry, and it's more towards Samsung's favour."
Investors sent the stock of Samsung and LG Electronics over 3 percent higher Thursday.
Taiwan smartphone maker, HTC, also rallied, rising as much as 5 percent
But Newman agrees the departure of Steve Jobs, will not derail Apple in the near term.
STANFORD C BERNSTEIN SENIOR ANALYST, MARK NEWMAN, SAYING:
"I think that there is potentially a lot of negative sentiment, there is a fear factor, because Steve Jobs has been a massive change to Apple recently, but however, I think in short term there is not a major change. Apple has a quite long product cycle and all the next generation products have already been designed."
Reactions from Apple fans have been bittersweet, with some sad to hear the news, but many sure Apple will be able to stay ahead of its rivals.
SYDNEY RESIDENT, CLIVE ALLCOCK, SAYING:
"I think it's rather sad because it reflects his illness, but in terms of his influence on the company, I'm sure they've been planning for this for quite some time"
22-YEAR-OLD, AYA SUGIURA, SAYING:
"I think it may have some sort of effect. I just visited the Apple support desk here, and all the staff are very friendly. I think the company stands alone by itself, so I'm not that concerned."
Some though are concerned that Apple may have lost its visionary leader.
29-YEAR-OLD LOCAL RESIDENT, NAOTO FUJIWARA, SAYING
"Apple's biggest draw is that it always seemed to be creating new products, and I fear that may slow down somewhat."
In a statement posted online, Jobs said Chief Operating Officer, Tim Cook, will assume his CEO responsibilities but adds he would like to keep serving on Apple's board of directors.
Arnold Gay, Reuters.