Steve Jobs back on top, and, perhaps always was

Steve Jobs is running Apple (AAPL) from home, and it it not clear that he ever stopped running the company.

According toThe Wall Street Journal, "More than three months into a medical leave from Apple Inc., Chief Executive Steve Jobs remains closely involved in key aspects of running the company." While some key executives handle daily management details at Apple, that has probably been true for years.

The news should not really come as a surprise. Jobs has indicated on more than one occasion that he is not mortally ill. The market has either begun to take that at face value or believes that the people who would replace him if he were to die are talented enough to keep the company on its eight-year run of extraordinary success.

Some sign of the market's confidence in the company's management is that Apple trades at $120, the highest it has been in six months.

Douglas A. McIntyre is an editor at 24/7 Wall St.

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