Wall Street ultimately shrugged off a report Wednesday that federal prosecutors are investigating whether former Apple Computer Inc. officials forged documents to maximize executives’ profit from stock options.
The legal publication that detailed the federal probe also reported that CEO Steve Jobs has hired his own attorneys outside of the company’s legal team to represent him in the investigation.
Shares of the iPod and Macintosh computer maker went on a roller-coaster ride in trading Wednesday, falling almost 5% before rebounding to close at $81.52, up a penny, on the Nasdaq Stock Market.
In a morning note, UBS Investment Research Analyst Ben Reitzes called investors’ fears “overblown.”
“Investors seem to be reacting to the mention of Steve Jobs,” Reitzes said in his note. “We believe it could make sense to obtain counsel given his immense personal fortune and influence.”