Samsung Gains After Jobs Resigns as CEO on Speculation Apple May End Fight
Samsung Electronics Co., Apple Inc. (AAPL)’s biggest competitor in smartphones and tablet computers, rose in Seoul trading on speculation the company may benefit after Steve Jobs resigned as chief executive officer of Apple.
The maker of the Galaxy phones and tablet computers climbed 2.4 percent to 725,000 won at the 3 p.m. close in Seoul trading, the highest level since Aug. 17. The stock was the biggest contributor to the 0.6 percent gain in the benchmark Kospi Index. (KOSPI) LG Electronics Inc. (066570), the world’s third-largest mobile- phone maker, added 1.3 percent.
Jobs’s resignation is positive for Samsung, which is locked in a patents battle with Apple regarding its Galaxy products, said Seo Won Seok, an analyst at NH Investment & Securities Co. in Seoul.
“Given that the key driver of Apple has been Jobs’s creativity and ideas, Korean companies may find opportunities in his absence in the longer term,” Seo said by phone. Tim Cook, named as Jobs’s successor, may try to improve the relationship with Samsung, Seo said.
Apple has filed patent cases against handset makers that use Google Inc.’s Android operating system, including Samsung, Motorola Mobility Holdings Inc. and HTC Corp.
Jobs, who transformed Apple from a personal-computer also- ran into the world’s largest technology company, yesterday announced his resignation amid a battle with cancer that led to a liver transplant in 2009.
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