Report gives Apple some Jobs security

Bob Moon Dec 29, 2006

BOB MOON: Shoes have been dropping all week at Apple Computer. And today, they’re hoping maybe the last shoe has dropped with the filing of a revised “10-K.” That’s an annual report that companies have to file with the Securities and Exchange Commission.

Apple filed its updated 10-K after wrapping up an investigation into whether company illegally gave CEO Steve Jobs backdated stock options. Earlier this week, there were reports that some of those grants were based on forged records of a board meeting that never happened. But today’s internal report clears Jobs and the rest of Apple’s current management team of any wrongdoing.

And Businessweek correspondent Arik Hessedahl thinks Apple’s iconic leader has successfully weathered this storm:

ARIK HESSEDAHL: He’s definitely in the clear insofar as keeping his job, so I would say 100 percent certainty there.

Standard & Poors equity analyst Richard Stice concludes today’s report means more of the same for Apple — as in more record profits, a growing market share in digital music, and more innovative products in the pipeline.

RICHARD STICE: As a result, we ended up upgrading the shares to our highest recommendation: Strong Buy. I think now with this cloud to some extent lifted from the company, we think that it’s appropriate to be more bullish on the name.

Jobs is likely to make his next big public appearance in a few weeks when the Macworld Expo kicks off. And Businessweek’s Arik Hessedahl says that all eyes will be on a possible big new product:

ARIK HESSEDAHL: Apple is an event marketing-driven company and these marketing events are largely Steve Jobs’ keynote events.

Apple’s shares, by the way, gained almost 5 percent today.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.