Steve Jobs, the founder and chief executive of Apple Computer (AAPL:Nasdaq - commentary - research), underwent surgery for pancreatic cancer over the weekend. The 49-year-old Jobs expects to spend the month recuperating from the successful procedure, he told employees in a companywide email. The stock was down $1.04, or 3.2%, to $31.30. The stock is up from the low $20s in February, a run-up that reflects investor confidence in Jobs’ efforts to revitalize the company through a new line of Macintosh computers and the popular iPod digital music player.
Tim Cook, Apple’s sales and operations chief, will run the company in Jobs’ absence, Apple said. At Pixar (PIXR:Nasdaq - commentary - research), where Jobs is also chief executive, president Ed Catmull will take day-to-day control until Jobs recovers. "