Apple Stock Downgraded Due To Concerns Over Jobs' Health

Apparently, worries over CEO Steve Jobs' health are beleaguering company investors. Oppenheimer said that it could not recommend the stock until Apple either disclosed the state of Jobs' health or made a succession plan public. Jobs, who was diagnosed with pancreatic cancer in 2003, underwent surgery in 2004 to remove the malignancy.

However, recent appearances -- such as at a product launch back in June -- have revved up speculation that the "man with the plan" at Apple may have health concerns. In addition, the company recently announced that Jobs would not be the keynote speaker at next month's Macworld convention. The industry's reported concern is that without Jobs, Apple would be untethered, without a course or vision.

Industry insiders have speculated that Jobs' right-hand man, COO Tim Cook, will likely be named Jobs' successor. Cook came to Apple in 1998 from Compaq with 12 years of IBM experience. At Apple, he is credited, among other accomplishments, with straightening out the company's manufacturing, distribution and supply chain.

Apple's channel partners were recently surveyed for Everything Channel's Affinity Index. Adding up the scores for all 15 factors, Apple earned the highest Affinity Index score -- 23 percent higher than the average score (Hewlett-Packard came in second place). Overall, partners seem satisfied with Apple's desktop products and channel support.

Apple stock was down almost five percent yesterday, to $95.43. But the company has seen that kind of health-related stock drop before: Just two months ago, a false Internet rumor that Jobs had suffered a heart attack cost the company $10 billion.