Apple Computer is now Apple Inc. The company changed its name as it unveiled the new iPhone. The stock immediately jumped higher, closing up more than $7 a share for the day.
Seeing Apple in the news for creating an innovative product is not unusual. It has done this a number of times. The Apple Computer and the iPod are two examples. But in recent weeks all the news about Apple had to do with options backdating. It turns out that even Steve Jobs got caught up in the latest scandal. Believe it or not, there are some shareholder rights groups calling for his head. But before anyone shows Jobs the door, they should ask Apple shareholders what they think.
Jobs is Apple, and Apple is Jobs. Imagine what would happen to Apple's share price if Jobs were forced out. I suspect Apple shareholders would be more than happy to overlook this latest options indiscretion.
