Shares in Apple fell by more than five per cent on Tuesday as the market buzzed with rumours that one of the company's top executives is leaving for a better position at Hewlett Packard (HP).
Apple's share value saw a fall of nearly 5.6 per cent, while HP saw a rise of over one per cent when reports that Apple’s current chief operating officer Tim Cook has resigned to join HP as its new chief executive, the San Francisco Chronicle reports.
Although both Apple and HP refused to comment on the reports, market analysts refuted the report as just another rumour.
"We don't expect that to happen. Whatever Tim would want to achieve at HP he could achieve at Apple. Steve jobs will not be CEO forever. He's on a short list," said Colin Gillis, an analyst at BCG Partners.
Rumours about Cook leaving Apple have surfaced before. Last year, Cook was said to be leaving Apple to join GM as its CEO.
Cook is touted as most likely to take over from Steve Jobs and also served as the interim chief executive when Jobs took medical leave last year.