Steve was just the face..the company was run by others. Apple decided long ago to keep Steve front and center and the media, like they always do, buy into the story. Apple is not Jobs and Jobs is not Apple. The company will survive with out him but all of this is Apple’s fault. Their arrogance and lies have hurt their stockholders by artificially deflating the company’s stock.
A company that innovates, revolutionized by some accounts, and is highly profitable tends to have stocks that increase in value. Sometimes by a whole lot. Apple sales have continued to grow (with the exception of the most recent fully-reported quarter). Their profit margin per-unit is still the highest in the industry, and their approach is held up as the bar to meet or exceed. Whether you like Steve Jobs and/or his politics (which I don't - but Gates isn't any better), Apple has been insanely successful. Stocks reflect that success (just as they have dropped when the infrequent bad news comes out - such as this speculation on Job's health). Jobs has been the driving force at Apple. In their structure - no product is introduced (or even put through full development) unless he ok'd it. Further, many innovations even of recent have originated with Steve and his vision. Yes, Apple has a talented team. I believe that is not only because Steve has always insisted on keeping talent. I also believe that there are a least a couple of people within the operations at Apple that Steve would be comfortable with running the company. Even driving force type folks eventually want to retire (assuming they don't die first). Bill Gates already took that route.
I smell a short sell market play.