Apple shares plummet on news of Jobs' medical leave

Apple shares plunged 10.8 percent in after-hours trading following the company's announcement that founder and CEO Steve Jobs will take a medical leave until June.

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Updated at 2:33 p.m. with updated after hours trading information.

Apple shares plunged 10.8 percent a share in after-hours trading Wednesday, after the company announced CEO Steve Jobs would take a medical leave until June.

Jobs said he would take a medical leave after learning his situation was more complex than initially believed.

Apple's shares fell as low as $76.11 a share in after-hours trading, down 10.8 percent from its close of $85.33 a share at the end of the regular trading session.

Wall Street analyst Gene Munster with Piper Jaffray said on CNBC that he still considers Apple a buying opportunity.

"No doubt that Apple is losing the greatest pitchman on earth, but people still want to buy Apple products," Munster said.

He added that the stock is grossly undervalued and presents a buying opportunity.

"Apple investors need to look at the big picture. They need to look at the new products, the balance sheet...this is a storm that will pass," said Munster, who noted Apple has a deep bench of talent.

The analyst pointed to Tim Cook, who will oversee Apple's daily operations during Jobs' absence.

"Tim Cook is a pretty unemotional person, but his ability to run a company is second to none," Munster said. "He is very capable of running the operations of the company."

Munster also noted that while investors may be "frustrated" with how Apple has handled the disclosures regarding Jobs' health, they should not be dissuaded from investing in the company.

 

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