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Report: Jobs still very involved during medical leave

The Wall Street Journal hears from two sources that Apple's CEO is working on upcoming products during his leave of absence from the company.

Just because Steve Jobs is on leave from Apple to focus on his health doesn't mean he's not still very involved at the company he founded.

The Wall Street Journal posted a story this afternoon citing anonymous sources that Jobs is working from home on the upcoming launch of the iPad 2, as well as the next version of the iPhone, expected to arrive at the company's annual developer conference in June.

Jobs "has been taking business meetings at home and on the phone," according to the Journal's sources.

Apple's CEO told employees last month that he would be taking a medical leave of absence, with no date pinpointed for his return, and said COO Tim Cook would act as interim CEO while he is away. Speculation has been rampant that Cook could eventually slide into the permanent CEO role if Jobs is too ill to return to the company.

The timing of the story today works out remarkably well for Apple. The company's stock took a mysterious sudden dive earlier today, to the consternation of many investors. None could immediately pinpoint a reason for the stock's drop from $355 to $349 in a matter of minutes before mostly recovering by the end of the day.

Being reminded that Jobs is still firmly in control despite his absence from the office should be calming for any nervous stockholders.