Apple is Friends With $600 Again

Apple (NASDAQ:AAPL) shares were gathering pace on Thursday after Wednesday’s 1.4 percent drop as Wall Street reacted to the announcement of the departure of two senior executives from the company earlier this week. Shares were up a little less than 1 percent at $600.55 at midday in New York on Thursday. The stock hit a record high of $705.07 just after the iPhone 5 launched last month, and has since fallen more than 15 percent.

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Although some analysts have been positive about chief executive Tim Cook’s reported move of dismissing iOS chief Scott Forstall and retail head John Browett, Trip Chowdhry of Global Equities Research wrote in a note on Wednesday that the former’s departure was “a major blow to Apple.”

Forstall, who was reportedly asked to leave after differences with other executives on the company’s position on its much-criticized maps app, will be gone next year and serve as an adviser to Cook until then. Browett, who only joined Apple in April, made several mistakes during his short stint, including implementing a staffing program that cut employee hours and limited store transfers. The company later apologized for the new policies by calling them a “mistake.”

Jonathan Ive, Eddy Cue, Bob Mansfield, and Craig Federighi will take on added management responsibilities at the company.

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