Jobless claims rose to 417,000 this week, but everyone seems bent out of shape over a single Jobs-less claim.
The resignation of Apple's (NAS: AAPL) Steve Jobs sent shockwaves through the tech world, but investors shouldn't be surprised. Even though some fans perceive Jobs as a deity, he has always been mortal just like everybody else donning denim and a black turtleneck.
New CEO Tim Cook is no stranger to the helm, temporarily filling that role during Jobs' previous medical lapses. There is little doubt that Apple will continue to keep growing over the next few years, though Apple will lack that iconic figurehead that worked so well because Jobs was both charismatic and a co-founder.
Apple shares initially took a hit on the news, and rightfully so, but when was the last time that the stock was selling for just 12 times next year's projected profitability? Talk about an iOpportunity!
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
Berkshire Hathaway (NYS: BRK.B) (NYS: BRK.A) is investing $5 billion in Bank of America (NYS: BAC) . Warren Buffett's company will be getting $5 billion worth of preferred stock yielding 6%. Berkshire is also a bucket load of warrants. Buffett recently wrote an op-ed piece about wanting to pay his fair share of taxes. Well, Buffett, when can we get in on this kind of deal without having to buy Berkshire itself?
The Wall Street Journal is reporting that Sprint Nextel (NYS: S) will be selling the iPhone when the iPhone 5 rolls out later this year. There will be three stateside carriers stocking the popular smartphone if the report is accurate. Can you launch an attack ad that knocks two rivals instead of one? We'll find out.
Until next week, I remain,
At the time thisarticle was published The Motley Fool owns shares of Berkshire Hathaway, Apple, Hertz Global Holdings, and Bank of America. Motley Fool newsletter services have recommended buying shares of Berkshire Hathaway and Apple, as well as creating a bull call spread position in Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Longtime Fool contributorRick Munarrizrecommends windshield wiper fluid when trying to look back. He does not own shares in any of the stocks in this story. He is also part of theRule Breakersnewsletter research team, seeking out tomorrow's ultimate growth stocks a day early.
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