Apple shares rise on report Steve Jobs is free of cancer

Shares of Apple Inc. (NASDAQ: AAPL) have jumped after the New York Times reported that Chief Executive Steve Jobs has told associates that he is cancer free.

Concern about Jobs' health have kept Apple's shares depressed even as it faces soaring demand for the just released iPhone 3G. The company's reluctance to discuss the CEO's health during the recent earnings conference call only added to the speculation.

That's why the Times' report saying "in recent weeks, Mr. Jobs has reassured several people that he is doing well and that four years after a successful operation to treat a rare form of pancreatic cancer, he is cancer free" is so curious. Why didn't the company just say that when it released earnings? The question was bound to come up given how awful Jobs has looked during recent public appearances.

Of course, Apple's paranoia is legendary. It guards its secrets even more zealously than the CIA. Jobs decided that his health is no one's business even though as a CEO of a public company it is of material interest to shareholders. But the matter is still not closed entirely.

"People who are close to Mr. Jobs say that he had a surgical procedure this year to address a problem that was contributing to a loss of weight," the paper said, not offering any specifics. Investors' concern is understandable since according to a patient group, 75% of all pancreatic cancer patients die within the first year of diagnosis.

Jobs has defied the odds. Let's hope that actor Patrick Swayze does as well.