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Steve Jobs admits to health problems off the record

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. He has no financial interest in Apple securities.

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Last updated: October 07, 2008: 06:28 AM

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