Apple catapulted to new and unforeseeable heights during the reign of Steven Paul ‘Steve’ Jobs as its CEO. However, unfortunately the day of his resignation finally came as he paves way for Tim Cook (COO of Apple Inc.) to take over.

As speculated, the announcement of his exit had some immediate response as Apple’s shares dropped by 5% in the after-hour trading. Steve did a laudable job for Apple by not merely reviving it from a precarious financial situation but also helping it take over other giants like Nokia and Sony.

In fact, it was owing to Steve’s smart policies and intuitiveness over the past decade that the world became hooked to devices like iMacs, iPods, iPads and iPhones. Apple therefore loses a very efficient and loyal servant with his resignation. While Apple lost points after his announcement, opposite repercussions were felt in the shares of rival companies like Sony and Nokia as they registered a surge in their stocks.

Tim Cook may take Apple Inc. forward in his own inimitable style but some cynics fear that Jobs’ resignation may herald a downslide in the company’s fortune. It is likely that the competitiveness of the rival companies may increase slightly with the stepping down of Jobs. However, Jobs will continue to serve the company as the chairman of the board.

Richard Windsor, a technology analyst at Nomura International Plc has stated that Jobs’ resignation will definitely please other rival companies who may seize this moment to push forward and try to snatch some market from Apple Inc.

Cook may soon settle down comfortably and it may not be long before Apple reinstates its supremacy but the short run effect led to jump in points of the major rival concerns like Sony (climb of 2.1 percent in Tokyo), Samsung (climb of 2.4 percent in Seoul), HTC Corp (1.4 percent rise in Taipei) and Nokia (2 percent gain in Helsinki).