By Philip Elmer-DeWitt
August 25, 2011

The stock opened sharply lower, but then climbed steadily back

Traders on the Frankfurt exchange reacted swiftly Thursday to the news that Apple (AAPL) CEO Steve Jobs had submitted his resignation the day before, effectively immediately.

The stock opened 17.6 euros (6.78%) lower — a even stronger reaction than was registered in after-hours trading on NASDAQ.

But cooler heads prevailed. By 7:45 a.m. EDT — an hour and 45 minutes before markets were set to open in New York — Apple shares had leveled off at €245, down only €5.28 (2.04%).

Perhaps the news had been priced into the stock after all.

UPDATE: Apple shares climbed to within 1.3 euros (0.05%) of Wednesday’s closing price in Frankfurt before dropping again, apparently in sympathy with New York, where Apple opened Thursday at $365.01, down $11.17 (4.3%).

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