The New York Times reports that Apple, Inc. (NASDAQ: AAPL) CEO Steve Jobs gave reporter Joe Nocera an off the record account of his health problems. As I posted, he appeared at developers conferences looking thin and tired and raised questions in the minds of those who saw him. Apple responded by saying that Jobs' health is a "private matter."
Nocera cited reporting from his colleague John Markoff that suggested that Jobs "had had a surgical procedure earlier this year, the details of which remain unclear." Nocera heard that Jobs "has had ongoing digestive difficulties, which have contributed to his weight loss -- possibly a side effect of the surgery. And in the weeks leading up to the conference, he came down with an infection, which had a lot to do with why he looked so gaunt. It wasn't cancer, thank goodness. But was more than a 'common bug.'"
Apple knew that Nocera was working on this article and Steve Jobs called Nocera and told him some details of his condition. Unfortunately, for Apple shareholders, he declined to allow Nocera to write about this on the record. Nocera's description of the off the record conversation suggests to me that Jobs has a significant health problem consistent with what Markoff reported -- but Nocera does not think it's the pancreatic cancer Jobs had in 2003.
The Times quotes Charles R. Wolf, an analyst at Needham & Company, who suggested that without Jobs, Apple stock could easily lose a quarter of its value in an instant. I agree. And that's why I think it's time for Apple to formally disclose Jobs' condition to shareholders.
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter











Reader Comments (Page 1 of 1)
7-26-2008 @ 9:02AM
The Voice of Reason said...
on the record... i'm tired of this story.
7-26-2008 @ 12:03PM
gumbo koontz said...
As much as I detest anything Mac or iThing, I have great respect for Steve Jobs. So to say the least, Steve Jobs is an intangible asset of Apple which means you cant tack a dollar figure on Steve Jobs. Now if anything leaks about his health, the least you or Wall Street can do for Steve Jobs is to hold the stock value. Dont run away like scared shit squirrels, Steve Jobs need to know that the great company he works hard for is still there and it will do wonders for his health.
7-26-2008 @ 4:04PM
jack53 said...
I agree with TVOR above, put yourself in his shoes. Isn't enough enough? Have you no shame?
7-26-2008 @ 4:29PM
Chris said...
Somewhat misleading headline.
Diminishes my respect for Peter Cohen's integrity, and Babson's MBA program.
7-26-2008 @ 5:41PM
Beltway Greg said...
Actually many folks posted that so it's hardly a scoop. Unfortunately Oppenheimer while healthy is unable to make heads nor tales of forward guidance. S & P dropped Apple to "sell," not hold, but "sell." Seems a tad extreme given their intransigence to call a punt on any number of other stocks. I think many of the funds and ratings agencies are going to start playing by Oppenheimer's rules. If you give us stupid numbers we will make stupid recommendations.
Now Peter, that's a story. Please, you're a professor, stop rewriting old news and press releases and referencing insignificant details from other posts. Don't speak simply to speak.
Beltway Greg
7-26-2008 @ 8:04PM
Ron said...
The investors have a piece of Apple. They don't have a piece of Jobs.
We've become such information gluttons. We mistake a desire to know for need to know, and get so self-righteous as we violate other people's privacy. Somehow the idea that we have money at stake makes it okay. Steve Jobs is currently doing his job very well.
You say you need to sell if he's going to die? Then sell. Nobody's getting out of here alive. That's the only thing we know.
But no, that's NOT what you want. You want the infinitely more intrusive fine grained Death Notice. You want to know when. And no matter what information you get, you'll think you need more. You want someone to give you the big stopwatch so you can sell at exactly the point his health turns south. I'm sorry, but it doesn't matter how much money is riding on it, it doesn't give you the right to be a ghoul. All you should be entitled to know is "Is he capable of doing his job right now." Currently the answer is yes.
7-26-2008 @ 10:25PM
Carolyn Bond said...
I wish only the best for Steve Jobs. His health is private and gumbo koontz said it best. Get well Steve.
7-28-2008 @ 12:40AM
KenC said...
Good god, do some research on the Whipple procedure, why don't you? They removed a significant part of his digestive tract. A common side effect is nutritional uptake problems, that can be improved surgically. One possible surgery is a reverse jejunem, which slows digestion, allowing for better nutritional uptake.
Second, we can just about reject the cancer rumor. Cancer is considered "cured" after 5 years, as the risk of recurrence declines with time. I mean if you know cancer, its very nature is the speed with which cells divide. If cancer cells aren't dividing quickly, you get a benign tumor, if they divide quickly, you get a malignant one. Steve is 4 years and 9 months from his initial diagnosis, which he treated with a dietary change. He is 4 years removed from his surgical treatment. It's highly unlikely that Steve has had a recurrence, and very likely that Apple will make a public announcement pointing out that Steve has passed the 5 year benchmark.
The simplest answer, is often the correct one. Steve has had complications from his Whipple procedure, and has had corrective surgery as a consequence. End of story.
7-28-2008 @ 9:32AM
Grawlix said...
Ever heard the line "get a life" Cohan? Steve Jobs has one.
Jobs has no obligation to publicly broadcast every shit and shiver he experiences, least of all at the behest of someone who isn't even a shareholder in the first place.
If you can't think of anything valid to write, then write nothing. Latching yourself onto this populist propaganda just damages your already weak credibility.
Regards,
%$#@!