Apple's stock is tumbling in after-hours trading on news that Steve Jobs is resigning as head of the company. After closing at $376.18, Apple stock has fallen 5 percent to $357.02 as of 7:59ET, according to NASDAQ.
Jobs, who cited an inability to meet his "duties and expectations as Apple's CEO" as the reason for his stepping down after 14 years, continues to battle a form of pancreatic cancer more treatable than other forms of the disease.
He will replaced by Chief Operating Officer Tim Cook. Many analysts say Jobs, who was last year named "World's Most Valuable CEO" by Barron's, leaves a fundamentally-sound company able to survive without him at the helm.
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