• The Wall Street Journal et al, Monday, January 17, 2011 3:03 PM

On news that Steve Jobs is taking another medical leave of absence, the industry is once again asking what it means for the future of Apple.

Marking Jobs' third leave of absence since 2004, the move is hardly without precedent. As he did during Jobs' prior medical leave in 2009, Tim Cook, Apple's chief operating officer, will run day-to-day operations at the company.

Still "Jobs's leave raises uncertainty for Apple," asserts The Wall Street Journal. "While Mr. Cook previously stepped in to run the company during Mr. Jobs's last medical leave, the CEO is closely identified with Apple and turning around the company last decade."

Analysts tell The New York Times that investors are no doubt wondering whether Jobs is gone for good this time -- and trading "accordingly."

Indeed, Apple's stock was down nearly 8% in Frankfurt trading this morning, due to what Digital Daily calls a "knee-jerk reaction" to the news. (U.S. markets are closed today in honor of Martin Luther King Jr.'s birthday.)

"The announcement came as a surprise and was bound to upset investors who attribute Apple's soaring success as a consumer-electronics giant to Jobs," writes the Los Angeles Times. "Jobs is critical to Apple. He is deeply enmeshed in the company's business, making key product decisions."

With or without Jobs, Apple's foreseeable future remains bright, according to Needham & Company analyst Charles Wolf. "Right now Apple has a management team that is one of the greatest in American business," Wolf tells The New York Times. "Whatever trajectory the company is on will continue for two to five years, regardless of whether Steve comes back."

As BoomTown's Kara Swisher notes, Apple has prompted much criticism for not keeping the world better informed about Jobs' shifting health condition. Now, however, Swisher strongly believes that "the media and Wall Street and Apple users" should respect Jobs' privacy.

Read the whole story at The Wall Street Journal et al »