Apple (AAPL) Stock Jumps 3% as Tim Cook Era Ends and Ternus Takes Over
TLDR
- Apple stock rose 2.6% as John Ternus officially became CEO, replacing Tim Cook who moves to executive chairman.
- Tim Cook grew Apple from a $350 billion company to over $4.5 trillion during his 15-year tenure.
- A fresh analyst buy rating on AAPL was issued the same day as the leadership transition.
- Apple has a major product event set for September 9, expected to feature the iPhone 18 and possibly the first foldable iPhone.
- Apple outperformed a weak market, with the S&P 500 down 0.4% and Nasdaq down 0.7% on the day.
Apple stock traded as high as $325.86 on Tuesday, up 2.6% from Monday’s close of $316.85, as John Ternus officially stepped into the CEO role.
The move came as Tim Cook signed off after 15 years leading the company. Cook’s final post on X read: “Sending lots of love to the Apple community on my last day as CEO. Thank you for being a constant source of inspiration.”
Ternus, 50, is a 25-year Apple veteran who previously served as senior vice president of hardware engineering. He oversaw the engineering of key products including the iPad, AirPods, and Apple Watch.
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